Explanation:

All statements are correct.

• Statement 1 is correct: The Vaibhav fellowship scheme, initiated in June 2023, aims to involve the Indian diaspora more closely in India’s development. This is similar to the Visiting Advanced Joint Research Faculty (Vajra) scheme initiated in 2018 by the DST.

• Statement 2 is correct: Both schemes incentivize diaspora Indian scientists to spend short periods in Indian institutions, but Vaibhav is exclusively for the Indian diaspora, while Vajra was open to all foreign scientists.

• Statement 3 is correct: While the Vajra scheme saw participation and visits by foreign faculty, the Vaibhav scheme focuses on translational outcomes in critical areas of research identified by the government.

• The Vaibhav fellowship scheme and the Vajra scheme, both initiated by the DST, aim to engage scientists from the Indian diaspora and foreign scientists, respectively, in Indian research institutions.

• Vaibhav emphasizes outcomes in areas critical to India’s development, making it exclusive for the Indian diaspora. In contrast, Vajra was open to all foreign scientists.

• Both schemes contribute to strengthening collaboration and knowledge exchange between Indian institutions and the global scientific community, fostering advancements in research and development.

Hence option 3rd is correct.