Option 1: This option states that Mahatma Gandhi National Rural Employment Guarantee Act (MGNREGA) focuses on the all-round development of rural people. However, this is not the correct answer. While MGNREGA does aim to improve the socio-economic conditions of rural households, the act primarily focuses on providing wage employment to rural households.

Option 2: This option states that MGNREGA makes providing wage employment in rural areas a legal binding for the State Governments. This is partially correct, as MGNREGA does make it mandatory for the State Governments to provide wage employment to eligible rural households. However, it is not the paradigm shift mentioned in the question.

Option 3: This option is the correct answer. It states that MGNREGA provides a statutory guarantee of wage employment. This means that eligible rural households have a legal right to demand and receive at least 100 days of wage employment in a financial year. This guarantee ensures that rural households have access to employment opportunities.

Option 4: This option states that none of the above options are correct in this context. This is incorrect, as option 3 is the correct answer.

In conclusion, MGNREGA makes a paradigm shift from previous wage employment programs by providing a statutory guarantee