Statement 1 is correct while statement 2 is incorrect.
In a capitalist society the goods produced are distributed among people not on the basis of what people need but on the basis of Purchasing Power—the ability to buy goods and services.
In a socialist society the government decides what goods are to be produced in accordance with the needs of society. It is assumed that the government knows what is good for the people of the country and so the desires of individual consumers are not given much importance.

Primary Deficit: The borrowing requirement of the government includes interest obligations on accumulated debt. To obtain an estimate of borrowing on account of current expenditures exceeding revenues, we need to calculate what has been called the primary deficit. It is simply the fiscal deficit minus the interest payments.

1 and 3 are correct.
Statement 1: Unnecessary revenue expenditure bloats the fiscal deficit, and since it forms the majority of government spending, its reduction has a very large effect on the fiscal deficit.
Statement 2: It will further increase the fiscal deficit.
Statement 3: Subsidies are a major component of government spending, and its reduction will cut down fiscal deficit.

India and the United States signed the Basic Exchange and Cooperation Agreement (BECA). This agreement would facilitate exchange of geospatial information between India and United States for both military and civilian use.

Both the statements are correct.
The World Trade Organization (WTO) is the only global international organization dealing with the rules of trade between nations. World Trade Organization, as an institution, was established in 1995. It replaced General Agreement on Trade and Tariffs (GATT) which was in place since 1946.
The WTO officially commenced on 1 January 1995 under the Marrakesh Agreement, signed by 123 nations on 15 April 1994. India has been a member of GATT since 1948; hence it was party to Uruguay Round and a founding member of WTO.