• Statement 1 is correct The National Handloom Day is observed annually on 7th August to honour the handloom weavers in the country and also highlight India's handloom industry. The first National Handloom Day was held on 7th August 2015. On this day, the handloom weaving community is honoured and the contribution of this sector in the socio-economic development of this country is highlighted.

• Statement 2 is correct August 7 was chosen as the National Handloom Day to commemorate the Swadeshi Movement which was launched on August 7 in 1905 in Calcutta Town Hall to protest against the partition of Bengal by the British Government. The Swadeshi movement had aimed at reviving domestic products and production processes. 

Hence Statement 2 is the correct explanation of Statement 1.