Explanation:

Vernacular Innovation Program (VIP)
Statement 1 is correct: VIP is an initiative to lower the language barrier in the field of innovation and entrepreneurship such that it will systematically decouple creative expressions and languages of transaction.
Statement 2 is incorrect: To build the necessary capacity for the VIP, AIM has identified and will be training a Vernacular Task Force (VTF) in each of the 22 scheduled languages.

• Each task force comprises vernacular language teachers, subject experts, technical writers, and the leadership of regional Atal Incubation Centers (AICs).

Significance

• It will be a stepping stone in the journey of the Indian innovation and entrepreneurship ecosystem which will cement the cognitive and design thinking attitude in young and aspiring minds.
• It will assist India in building a strong local network of design experts and innovation practitioners.
• It will help in overcoming the barriers of language and empower innovators in the farthest areas of the country.
• It will create equal opportunity for the vernacular innovators who represent the staggering 90% of Indian population.

As per 2011 census, only 10.4% of Indians speak English, most as their second, third, or fourth language.

• Only 0.02% of Indians spoke English as their first language.
• By providing access to learning in one’s language and culture, AIM looks forward to enriching the local, regional, national and global innovation pipelines.

Hence option 1st is correct.