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The correct answer is option 2: 2 only.
Statement 1 is incorrect. The Indian Regional Navigation Satellite System (IRNSS) is actually a constellation of seven satellites, not five. These satellites were indeed launched by the Polar Satellite Launch Vehicle (PSLV) of the Indian Space Research Organization (ISRO).
Statement 2 is correct. The IRNSS is designed to provide position information in the Indian region. It is an independent regional navigation satellite system, similar to the Global Positioning System (GPS) of the United States or the Russian GLONASS system, but specifically tailored to cover the Indian subcontinent.
Therefore, the correct answer is option 2, as only statement 2 is true. Statement 1 is incorrect because there are seven IRNSS satellites, not five.