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The election of the President of India follows a method of indirect voting with the value of vote varying for Members of Parliament (MPs) and Members of Legislative Assembly (MLAs).
Option 1 is correct. The vote value of each MLA varies from state to state. It is calculated based upon the population of the state the MLA represents. States with larger populations have MLAs with higher vote values.
Option 2 is incorrect. The value of votes of both Lok Sabha MPs and Rajya Sabha MPs is same. This uniformity is maintained to ensure an equal representation of states at the Union level during the Presidential elections. Therefore, whether an MP belongs to the Lok Sabha or the Rajya Sabha doesn`t affect the vote value.
So, only the first statement is correct in reference to the election of the President of India.