The question presents two statements and asks which ones are correct. Statement 1 identifies MMTC Limited as India`s largest international trading organization, while Statement 2 implies that MMTC and the Government of Orissa jointly established Neelachal Ispat Nigam Limited.

The answer options provide different combinations of these statements being correct.

Option 1 suggests that only the first statement is true. Option 2, on the other hand, implies that only the second statement holds factual. Option 3 suggests that both the statements are true, and finally, Option 4 points to the possibility that neither of the statements is correct.

The correct answer is Option 3, which means both Statement 1 and Statement 2 are correct. Therefore, MMTC Limited indeed is India`s largest international trading organization, and it has set up Neelachal Ispat Nigam Limited jointly with the Government of Orissa.