Consider the following statements regarding India's Consumer Price Index (CPI) framework and the flexible inflation-targeting mandate:

Statements

1. Food and beverages carry the single largest weight in India's CPI basket, reflecting the high share of food expenditure in the average Indian household's consumption.
2. Under India's flexible inflation-targeting framework, the Reserve Bank of India is mandated to maintain CPI inflation at 4 per cent, with a tolerance band of ±2 per cent, and a breach of this band for three consecutive quarters triggers a mandatory reporting obligation to the government.
3. The CPI used for India's inflation-targeting purposes is the CPI for Industrial Workers (CPI-IW), as it is compiled by the Labour Bureau and covers a broader segment of the population than other CPI series.