Consider the following statements : 1. Most of India's external debt is owed by governmental entities. 2. All of India's external debt is denominated in US dollars. Which of the statements given above is/are correct?

1. Statement 1 is incorrect. While governmental entities (sovereign debt) contribute to India's external debt, a significant portion is owed by non-government entities. This includes external commercial borrowings by private companies and Non-Resident Indian (NRI) deposits. Non-government debt often constitutes the largest share of the total external debt. 2. Statement 2 is incorrect. India's external debt is denominated in multiple currencies. Although the US dollar is the largest component, the debt portfolio also includes borrowings denominated in Indian Rupees (INR), Special Drawing Rights (SDR), Japanese Yen, Euro, and other currencies. It is not exclusively denominated in US dollars. 3. Therefore, neither statement 1 nor statement 2 is correct.