Which of the following factors have contributed to Punjab’s growing state debt?

1. The revenue deficit first emerged in 1984-85 and became chronic by 1987-88.
2. A significant portion of new loans is used to service existing debt.
3. Punjab’s capital expenditure has remained consistently above 3% of GSDP.
4. Attempts to cut security-related spending have been legally challenged in courts.

Which of the above statements are correct?