Explanation:

Both statements are correct.

• Finance Minister recently rejected the theory that India's ongoing recovery is 'K-shaped'.

About K-Shaped Recovery

• A K-shaped recovery occurs when, following a recession, different parts of the economy recover at different rates, times, or magnitudes.

• It leads to changes in the structure of the economy or the broader society as economic outcomes and relations are fundamentally changed before and after the recession. 

• This type of recovery is called K-shaped because the paths of different parts of the economy, when charted together, may diverge, resembling the two arms of the Roman letter "K."

• The portion of the economy that recovers quickly is represented by the upper part of the K, while the lower part represents those groups that recover more slowly.

Reasons

• K-shaped recoveries are generally caused by disparities that existed before the recession or by a recession that impacts populations and groups differently.

• It is possible due to the creative destruction of old industries due to the development of new industries and technologies during the recession.

• Government strategies like monetary and fiscal policies used to combat the recession can lead to a K-shaped recovery.  Due to the nature of the economic policies, certain industries will benefit more than others. 

• Due to the nature of the recession, it can exert a unique impact on different parts of the economy, especially when a recession is coupled with a negative real economic shock that results in a lasting negative impact on certain parts of the economy.

• Example: During the COVID-19 pandemic, North America saw a K-shaped recovery where the richer individuals and industries recovered faster compared to the poor.

Hence option 3rd is correct.