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 :

Avoiding short-term foreign borrowings provides immunity because such debt is volatile and prone to sudden withdrawals during global shocks, which can trigger a liquidity crisis and currency depreciation. Full capital account convertibility and opening up to more foreign banks are incorrect as they would facilitate rapid capital flight and increase domestic exposure to global contagion. The core concept tested is external sector stability and the risks associated with capital account liberalization and volatile foreign debt.