Option 1 suggests that the primary reason for the Government of India to disinvest in Central Public Sector Enterprises is to repay external debt. Although disinvestment can provide additional funds to the government, it is not primarily done for repaying the debt, but rather for improving operational efficiency, encouraging wider public participation and promoting transparency and accountability.

Option 2, on the other hand, proposes that the Government no longer wishes to maintain management control of CPSEs. While disinvestment can lead to a change in management control, it does not necessarily mean the Government is relinquishing control entirely. The government often continues to hold a significant stake allowing it to influence the decision-making process.

Therefore, the correct answer is 4. Neither statement 1 nor statement 2 accurately reflects the primary reasons behind the Government of India`s disinvestment in the Central Public Sector Enterprises. Both statements contain partial truths but over-simplify and misrepresent the complexities of the government`s motives for disinvestment.