Option 1 states that the Prime Minister of India is the ex-officio Chairman of the Planning Commission. Ex-officio means by virtue of holding a particular position or office. In this case, the Prime Minister automatically becomes the Chairman of the Planning Commission. This statement is correct.

Option 2 states that the Union Finance Minister is the ex-officio Chairman of the Finance Commission. This means that the Finance Minister, by holding their position, also becomes the Chairman of the Finance Commission. However, this statement is not mentioned in the question. Therefore, we cannot determine the correctness of this statement based on the information provided.

The correct answer, based on the information given in the question, is option 1 - only statement 1 is correct. As for statement 2, there is insufficient information to determine its correctness. It is important to note that the Finance Commission is an independent body established by the President of India, and its Chairman is appointed by the President.