Non-financial debt in the context of the Indian economy typically includes obligations that do not arise from financial transactions or instruments. Housing loans owed by households (1) and amounts outstanding on credit cards (2) are indeed forms of non-financial debt, as they represent personal borrowing for consumption or asset acquisition. However, treasury bills (3) are a financial instrument issued by the government to raise funds and hence, represent financial rather than non-financial debt. Therefore, the correct answer would not include all three, illustrating the importance of distinguishing between personal debts and financial securities in economic assessments.