The provided answer is correct. Option 1 is incorrect because India is not the third largest importer of defense equipment. It is one of the largest importers, but not the third largest.

Option 2 is correct as India does meet more than 50 percent of its defense equipment requirements through imports. This indicates that India relies heavily on imports for its defense needs.

Option 3 is also correct as the defense budget for 2015-2016 did account for less than 2 percent of the GDP. This suggests that defense spending is a relatively small proportion of India`s overall economic output.

Option 4 is correct as certain financial powers are indeed delegated to the Vice Chief of Army Staff for capital acquisitions. This allows for quicker decision-making processes in acquiring necessary defense equipment.

In summary, options 2, 3, and 4 are correct while option 1 is the incorrect statement.