Consider the following statements : 1. Tax revenue as a percent of GDP of India has steadily increased in the last decade. 2. Fiscal deficit as a percent of GDP of India has steadily increased in the last decade. Which of the statements given above is/are correct?

1. Statement 1 is incorrect. Tax revenue as a percent of GDP in India did not steadily increase in the last decade (approx. 2007-2017). The tax-to-GDP ratio fluctuated due to economic cycles and policy changes; for instance, it declined after the 2008 global financial crisis before recovering somewhat, but it did not show a consistent upward trend throughout the decade. 2. Statement 2 is incorrect. Fiscal deficit as a percent of GDP of India also did not steadily increase in the last decade. Following a spike during the global financial crisis, the government generally pursued a path of fiscal consolidation, leading to a fluctuating but generally decreasing trend in the fiscal deficit ratio in the years leading up to 2017. 3. Therefore, neither statement is correct.