Explanation:

Only statements 1&3 are correct.

• ‘Project Kusha’ is set to provide the Indian Air Force (IAF) with a long-range air defense system, with deployment targeted for 2028-29.

• The ambitious indigenous project will be developed by the Defense Research and Development Organization (DRDO) at an estimated budget of Rs 21,700 crore.

• Drawing parallels with Israel’s renowned Iron Dome system, ‘Project Kusha’ is expected to not only match but potentially surpass the capabilities of its Israeli counterpart.

• It aims to detect and destroy various hostile targets, including cruise missiles, stealth fighter jets, and drones at extended ranges.

• The long-range surface-to-air defense system (LR-SAM) incorporates advanced long-range surveillance and fire control radars, which empower the IAF to effectively monitor airspace and fend off enemy threats.

• Interceptor missiles, with ranges of 150 km, 200 km, and 350 km, provide the ability to detect and strike hostile targets at different distances.

• The system reportedly has a single-shot kill chance of at least 80% and over 90% when two missiles are fired after each other.

Hence option 2nd is correct.