DNA Barcoding is a molecular technique that utilizes a short genetic sequence from a standardized region of DNA, typically from the mitochondria or chloroplast, to identify and differentiate species. This is particularly useful for distinguishing among species that may appear morphologically similar (Statement 2) and for detecting unwanted or misidentified species in processed foods through genetic analysis (Statement 3). However, it does not provide information regarding the age of a plant or animal (Statement 1), as DNA Barcoding is focused on species identification rather than age determination. This understanding aligns with the biological concepts emphasized in NCERT textbooks and other UPSC-standard resources, illustrating the application of DNA techniques in biodiversity assessment and food safety.