Consider the following statements regarding the Fiscal Responsibility and Budget Management (FRBM) Act:
1. The FRBM Act was enacted in 2003 to achieve inter-generational equity in fiscal management.
2. The government aimed to scale down the fiscal deficit target to below 4.5 percent of the GDP by 2025-26.
3. The Act allows for deviations from deficit targets under specific conditions such as national security or natural calamities.
How many of the statements given above are correct?
1
Only one
2
Only two
3
Only three
4
None