If another global financial crisis happens in the near future, which of the following actions/policies are most likely to give some immunity to India? 1. Not depending on short-term foreign borrowings 2. Opening up to more foreign banks 3. Maintaining full capital account convertibility. Select the correct answer using the code given below:

1. Not depending on short-term foreign borrowings — Correct. Short-term external debt makes an economy vulnerable during global liquidity shocks and sudden capital flight; lower reliance gives resilience.

2. Opening up to more foreign banks — Incorrect. In a global financial crisis, foreign banks can transmit external shocks to the domestic economy rather than provide immunity.

3. Maintaining full capital account convertibility — Incorrect. Full capital account convertibility increases exposure to volatile cross-border capital flows; it does not protect against crisis contagion.

Therefore, only statement 1 is correct.