Explanation:

Both statements are correct.

• The Ministry of Panchayati Raj will release the comprehensive Devolution Index Report on 13th February, 2025, at Indian Institute of Public Administration (IIPA), New Delhi. 

About Devolution Index

• It is a result of meticulous research and empirical analysis, provides insights into the progress of decentralization across States and Union Territories.

• The Index evaluates six critical dimensions: Framework, Functions, Finances, Functionaries, Capacity Building and Accountability of the Panchayats. 

• The Index specifically examines how ‘free’ Panchayats are to make and implement independent decisions, reflecting the true spirit of Article 243G of Constitution of India. 

• This Article empowers State legislatures to devolve powers and responsibilities to Panchayats across 29 subjects listed in the Eleventh Schedule.

• The Devolution Index serves as a tool for strengthening cooperative federalism and local self-governance, enabling States to identify areas for improvement and adopt best practices for more empowered and effective Panchayats.

• What sets this Devolution Index apart is its practical utility for multiple stakeholders.

• For citizens, it provides transparency in tracking Panchayat functioning and resource allocation.

Hence option 3rd is correct.