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In this question, we are provided with two statements and we need to determine which ones are correct.
Statement 1 states that the United States-India Peaceful Atomic Energy Cooperation Act, 2006 was named in honor of the Chairman of the House Committee on International Relations. This statement is correct as the act was indeed named after the chairman. It signifies the cooperation between the United States and India in the peaceful use of atomic energy.
Statement 2 states that about 25% of the world`s total thorium reserves are in India. This statement is also correct. Thorium is a naturally occurring element that can be used as a potential source of nuclear energy. India has one of the largest thorium reserves in the world, accounting for approximately 25% of the global total.
Since both statements are correct, the correct answer is option 3: Both 1 and 2.