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The National Rehabilitation and Resettlement Policy, 2007, is not solely applicable to persons affected by land acquisitions for projects. It is also applicable to other involuntary displacements due to various reasons such as natural calamity, armed conflict or human-made disasters - making statement 1 incorrect.
Furthermore, the policy was not formulated by the Ministry of Social Justice and Empowerment. It was, in fact, formulated by the Ministry of Rural Development - making statement 2 incorrect.
Therefore, neither statements 1 nor 2 are correct which is reflected in option 4: Neither 1 nor 2. Hence, the correct answer provided is accurate.
Thus, options 1, 2, and 3 are incorrect as they suggest that either one or both statements are correct which is not the case.