Consider the following statements about the Financial Responsibility and Budget Management Act (FRBM):
- The FRBM Act aims to reduce fiscal deficits and improve fiscal discipline.
- It mandates the presentation of a medium-term fiscal policy statement.
- The act allows unlimited borrowing by the government to stimulate economic growth.
Which of the above statements are correct?
1
1 and 2 only
2
1 and 3 only
3
2 and 3 only
4
2 only
5
1, 2, and 3