According to Economic Survey 2022-23, consider the following statements regarding non-financial debt from the Bank for International Settlements:

1. Indian non-financial private sector debt and non-financial corporate debt as a share of GDP declined by nearly thirty percentage points.

2. The decline had limited the increase in interest costs, which, together with possible savings on overheads during lockdowns, contributed to the recent fortification of corporate balance sheets by higher profits.

Which of the above statements is/are correct?