The granting of "Special Status" by the Central Government to a State has certain implications. Option 1 states that a substantially large percentage of the central assistance will be given as grants-in-aid. This means that the state will receive a significant portion of financial support from the central government in the form of non-repayable grants.

Option 2 suggests that the extent of loans as a percentage of total assistance will be low. This implies that the state will have access to a smaller proportion of financial assistance in the form of loans, which need to be repaid.

Option 3 states that the Central Government will bridge the current account budgetary deficit of the state. This means that the central government will help the state cover its financial shortfall in day-to-day expenses.

Option 4 concludes that both the first and second options are correct, implying that when a state is granted "Special Status," it will receive a higher proportion of grants-in-aid and a lower proportion of loans, while the central government also assists in covering the state`s budgetary deficit.