Explanation:

The debt-to-GDP ratio is the metric comparing a country’s public debt to its gross domestic product (GDP). By comparing what a country owes with what it produces, the debt-to-GDP ratio reliably indicates that particular country’s ability to pay back its debts.

• The Union government broadly classifies its liabilities into two broad categories. The debt contracted against the Consolidated Fund of India is defined as public debt and includes all other funds received outside Consolidated Fund of India under Article 266 (2) of the Constitution, where the government merely acts as a banker or custodian. The second type of liabilities is called public account.
• As per Reserve Bank of India Act of 1934, the Reserve Bank is both the banker and public debt manager for the Union government. However, of late, there is a demand for creating a specialized agency for managing public debt as exists in some advanced economies. For instance, the NITI Aayog has advocated the creation of a separate public debt management agency (PDMA).

Hence both statements 1&2 are correct.