Which of the following challenges have contributed to Punjab’s fiscal crisis?

1. Increasing power and water subsidies, which burden the state’s budget.
2. High levels of borrowing, with over 90% of new loans being used for debt servicing.
3. A weak revenue base due to the state’s dependence on unprocessed food grains.
4. Rising tax revenues from industrial and service sector growth.

Which of the above statements are correct?