With reference to the India-U.S. Defense Acceleration Ecosystem (INDUS-X) summit, consider the following statement:

1. The INDUS-X summit, initiated in June 2023, serves to broaden strategic technology collaborations encompassing the Indian and U.S. governments.

2. Its objectives encompass fostering cooperation that extends beyond governmental entities to incorporate businesses and academic institutions.

Which of the statement given above is/are correct?