In the context of the Indian economy, non-financial debt includes which of the following ? 1. Housing loans owed by households 2. Amounts outstanding on credit cards 3. Treasury bills Select the correct answer using the code given below :

Non-financial debt consists of all credit instruments issued by entities that are not financial intermediaries, specifically households, non-financial corporations, and the government. Consequently, housing loans and credit card balances (household debt) as well as Treasury bills (government debt) are all classified as non-financial debt because the issuers are the end-users of the funds. Option (b) is the most common error because candidates often incorrectly assume Treasury bills are "financial debt" due to their role in money markets, whereas they are actually debt incurred by a non-financial entity (the government). The core concept tested is the classification of debt based on the nature of the issuing sector rather than the type of financial instrument.