Statement 1 is Incorrect: The electoral college for the Presidential election consists only of the elected members of both Houses of Parliament and the elected members of the Legislative Assemblies of the States (including the National Capital Territory of Delhi and the Union Territory of Puducherry). Nominated members of either House of Parliament or State Assemblies are not eligible. Currently, the Union Territory of Jammu & Kashmir is not included in the electoral college under Article 54.

Statement 2 is Incorrect: The value of an MLA's vote is calculated by dividing the total population of the State (based on the 1971 Census) by the total number of elected members in the Legislative Assembly, and then dividing the result by 1000. A higher number of elective seats (the denominator) does not automatically mean a higher vote value; rather, it depends on the ratio of the population to the number of seats.

Statement 3 is Incorrect: Based on the 1971 Census data used for elections, the value of the vote of each MLA of Madhya Pradesh is 131, whereas the value of the vote of each MLA of Kerala is 152. Therefore, the value is higher for Kerala.

Statement 4 is Correct: The value of the vote of each MLA of Puducherry (16) is higher than that of Arunachal Pradesh (8). This is because the ratio of the total population to the total number of elective seats in Puducherry is greater than the corresponding ratio in Arunachal Pradesh.