Statement 1 is correct: In India, the Constitution Day is celebrated in India on 26 November every year to commemorate the adoption of the Constitution of India and also it was celebrated to promote constitutional values among the citizens of India.

Statement 2 is incorrect: On 29 August 1947, the Constituent Assembly set up a Drafting Committee under the Chairmanship of Dr. B.R. Ambedkar, to prepare a Draft Constitution for India. On 26 November 1949, the Constituent Assembly of India adopted the Constitution of India, and it came into effect on 26 January 1950.