With reference to the Project Monitoring Group (PMG) portal, consider the following statements:
1. It is an initiative by Union Ministry of Finance to expedite resolution of issues and removal of regulatory bottlenecks in projects, with investments upward of ₹ 500 crores in India.
2. It enlists unresolved project issues of all Public, Private and ‘Public–Private Partnership’ (PPP) projects and undertakes fast-tracking of approvals, sectoral policy issues and removal of bottlenecks for expeditious commissioning.
Which of the statements given above is/are correct?