Statement 1 is correct while statement 2 is incorrect.
Regulating Act of 1773 was the first step taken by the British Government to control and regulate the affairs of the East India Company in India.
Features of the Act
1. It designated the Governor of Bengal as the ‘Governor-General of Bengal’ and created an Executive Council of four members to assist him. The first such Governor-General was Lord Warren Hastings.
2. It made the governors of Bombay and Madras presidencies subordinate to the governor general of Bengal, unlike earlier, when the three presidencies were independent of one another.
3. It provided for the establishment of a Supreme Court at Calcutta (1774) comprising one chief justice and three other judges.
4. It prohibited the servants of the Company from engaging in any private trade or accepting presents or bribes from the ‘natives’.

All of the above are correct.
In addition to the making of the Constitution and enacting of ordinary laws, the Constituent Assembly also performed the following functions:
1. It ratified the India’s membership of the Commonwealth in May 1949.
2. It adopted the national flag on July 22, 1947.
3. It adopted the national anthem on January 24, 1950.
4. It adopted the national song on January 24, 1950.
5. It elected Dr Rajendra Prasad as the first President of India on January 24, 1950.

Statement 1 is correct while statement 2 is incorrect.
Article 1 describes India, that is, Bharat as a ‘Union of States’ rather than a ‘Federation of States’.
The phrase ‘Union of States’ has been preferred to ‘Federation of States’ for two reasons: one, the Indian Federation is not the result of an agreement among the states like the American Federation; and two, the states have no right to secede from the federation.

The World Happiness Report 2021 has been released by the UN Sustainable Development Solutions Network and Finland was once again crowned as the world’s happiest country.
India has been ranked 139 out of 149 countries in the list of UN World Happiness Report 2021.

Statement 1 is correct while statement 2 is incorrect.
An ILP is only valid for domestic tourists.
The Inner Line Permit is an extension of the Bengal Eastern Frontier Regulation Act 1873. After the British occupied the Northeast, the colonisers started exploiting the region and its resources for economic benefits. The indigenous tribes living in the hill areas would regularly conduct raids into the plains to loot and plunder, marauding the tea gardens, oil rigs and trading posts set up by the British East India Company. It was in this context that the BEFR 1873 was promulgated.