Which of the following is/are the features of Federalism?
1. Different tiers of government have their own jurisdiction as defined by constitutional provisions.
2. The existence and authority of each tier of government are constitutionally guaranteed.
3. In India, the Finance Commission constituted by the President of India governs the financial relationship between the Centre and the States.
4. Off-Budget borrowings mean all borrowings not provided for in the Budget but whose repayment liabilities also do not fall on the Budget.
How many of the statements given above are correct?