Explanation:

Only statement 1st is correct.

• The B-READY Index is an upcoming global ease of doing business ranking system developed by the World Bank. 

• It is designed to replace the discontinued Doing Business Report (discontinued in 2021) and will assess and compare the business environment and regulatory framework across different countries.

• Ten Core topics covers Business Entry, Business Location, Utility Services, Labor, Financial Services, International Trade, Taxation, Dispute Resolution, Market Competition, and Business Insolvency. 

• For each topic, B-READY considers three pillars i.e. Quality of Regulations, Effectiveness of Public Services, and Operational Efficiency.

• India did not participate in the 2024 B-READY Report

• Statement 2 is Incorrect: The B-Ready Index generates two sets of scores: Topic Scores (based on the three pillars) and Pillar Scores (averaged across 10 topics). It does not provide a single composite score.

Hence option 1st is correct.