Detailed Solution:
The correct answer is “Only 1 is correct”.
1) Fundamental Rights in India are meant to protect individuals from arbitrary actions by the state.
2) These rights are explicitly mentioned in Part III of the Indian Constitution.
3) Fundamental Rights do lay the groundwork for a just society, they primarily focus on individual liberties rather than directly ensuring social, economic, and political justice. These aspects are more aligned with the Directive Principles of State Policy.
4) While there are differences between the Indian Fundamental Rights and the U.S. Bill of Rights, they both serve a similar purpose of protecting individual liberties.