The correct answer is: A. 1 & 2 Only
The Railway Development Authority (RDA) is a proposed body that will be responsible for the development and regulation of the Indian railway sector. The RDA will be established under the Railway Act, 1989, and will consist of four members, including a chairman and three members. The RDA will have the power to regulate the sector opened to the private sector for investment, as well as to issue licenses and permits to private companies.
Statement 1 is correct because the RDA will be established under the Railway Act, 1989. Statement 2 is also correct because the RDA will consist of four members. Statement 3 is incorrect because the RDA will not regulate the entire railway sector, but only the sector opened to the private sector for investment.
The RDA is a proposed body that is still under consideration. It is not yet clear when the RDA will be established or what its exact powers will be. However, the RDA is expected to play an important role in the development and regulation of the Indian railway sector.