Which of the following statements with regard to Bharat Ratna Award is/are correct? 1. It was instituted in the year 1972. 2. The award does not carry any monetary grant.

Statement 1 is incorrect: the Bharat Ratna, India's highest civilian award, was instituted in 1954, not 1972. Statement 2 is correct: the Bharat Ratna does not carry any monetary grant; the recipient receives a Sanad signed by the President and a medallion. The recipients are also entitled to certain protocol privileges. In 2024, the award was conferred posthumously on Karpoori Thakur, L. K. Advani, P. V. Narasimha Rao, Chaudhary Charan Singh and M. S. Swaminathan.