Consider the following statements:<br/>1. Most of India's external debt is owed by governmental entities.<br/>2. All of India's external debt is denominated in US dollars.<br/><br/>Which of the statements given above is/are correct?

1. Incorrect. India’s external debt is not mostly owed by governmental entities; a large share is owed by non-government sectors, especially corporates and other borrowers.
2. Incorrect. India’s external debt is not entirely in US dollars; it is denominated in multiple currencies such as US dollar, Indian rupee, yen, SDR, and others.
Therefore, neither statement 1 nor statement 2 is correct.