Consider the following statements regarding the Industrial Policy Resolution of 1991:

1. The number of industries under the compulsory licencing provision were reduced.

2. Foreign Exchange Regulation Act was replaced by Foreign Exchange Management Act 1991.

3. Competition Act, 2002 replaced the Monopolistic and Restrictive Trade Practices (MRTP) Act.

Which of the statements given above is/are correct?

1
1 and 2 only
2
2 and 3 only
3
1 and 3 only
4
1, 2 and 3

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