Option 1 states that the current global economic crisis originated from the subprime crisis in the United States. This statement is generally correct. The subprime crisis, which began in the U.S. housing market in 2007, led to a collapse in the mortgage-backed securities market and had far-reaching consequences on major financial institutions worldwide. The impact of this crisis spread globally and contributed to the wider economic downturn.

Option 2 states that the Indian economy is recovering faster from the economic crisis compared to its western counterparts. This statement is also generally correct. Following the global economic crisis, India implemented various policy measures such as fiscal stimulus packages and structural reforms. These measures, along with the country`s strong domestic demand and diversified economy, helped India recover relatively faster compared to some western economies. However, it is important to note that the pace and extent of recovery can vary among different countries and regions.

Therefore, the correct answer is option 3, which states that both statements 1 and 2 are correct.