Both statements are correct, as they reflect key principles of the financial governance structure in India as outlined in the Constitution. The first statement is accurate because the Annual Financial Statement is presented by the Union Finance Minister in Parliament, representing the government's fiscal plans. The second statement highlights the constitutional provision that mandates the President's recommendation for demands for grants, ensuring that executive expenditure is subject to legislative approval, thereby reinforcing parliamentary democracy and accountability in financial matters. This highlights the importance of checks and balances within the budgetary process, a critical aspect of governance in India.