Both statements are correct as they highlight the crucial role of Biodiversity Management Committees (BMCs) in India in implementing the objectives of the Nagoya Protocol, which aims to ensure the fair and equitable sharing of benefits arising from the utilization of genetic resources. BMCs are empowered to regulate access to biological resources and to establish frameworks for benefit-sharing at the local level, including the authority to impose collection fees, thereby facilitating local governance and sustainable utilization of biodiversity. This aligns with India's commitment to conserving biodiversity while ensuring that local communities benefit from the resources they manage, a key principle of both national and international biodiversity law.