Explanation:

• The VAP is an Indo-US bilateral program, which supports a broad spectrum of activities relating to new and improved vaccines. It is being implemented to promote focused and applied research on new and improved vaccines and immuno-diagnostics by bringing together leading Indian and US scientists. Hence statement 1st is correct.
• The programme resulted from the concerted efforts of Indian and U.S. scientists led by the Chief Science Advisors of Indian Prime Minister Mrs. Indira Gandhi and US President Ronald Reagan. In 1983, the India-US Science and Technology Initiative (STI) was established with a commitment of both countries to give high priority and financial support to the STI programmes.
• The programme was designed to encompass laboratory-based research, evaluation of candidate vaccines, testing for clinical development, vaccine quality control, delivery of vaccines and so on. 
• The programme is under implementation since July, 1987 under the Gandhi-Reagan Science & Technology Agreement. Its present tenure is upto August, 2017. Hence statement 2nd is incorrect.