With reference to the election of the President of India, consider the following statements:
1. The value of the vote of each MLA varies from State to State.
2. The value of the vote of MPs of the Lok Sabha is more than the value of the vote of MPs of the Rajya Sabha.
Which of the statements given above is/are correct?

The correct option is 1 only.

Let us analyze each statement regarding the election of the President of India step-by-step:

Statement 1: The value of the vote of each MLA varies from State to State.
This statement is correct.
The value of the vote of an elected Member of the Legislative Assembly (MLA) of a State is determined by the population of that State as per the 1971 Census and the total number of elected members in its Legislative Assembly.
The formula used to calculate the value of the vote of an MLA is:

$\text{Value of the vote of an MLA}=\frac{\text{Total population of State}}{\text{Total number of elected members of State Legislative Assembly}}\times \frac{1}{1000}$

Since the population of each State and the total number of elected members in its Legislative Assembly differ across India, the value of the vote of an MLA varies from State to State (for instance, an MLA from Uttar Pradesh has a higher vote value compared to an MLA from Sikkim).

Statement 2: The value of the vote of MPs of the Lok Sabha is more than the value of the vote of MPs of the Rajya Sabha.
This statement is incorrect.
The value of the vote of an elected Member of Parliament (MP) is uniform for all MPs, whether they belong to the Lok Sabha or the Rajya Sabha.
The formula to calculate the vote value of an MP is:

$\text{Value of the vote of an MP}=\frac{\text{Total value of votes of all MLAs of all States}}{\text{Total number of elected members of Parliament (Lok Sabha + Rajya Sabha)}}$

Therefore, every elected MP (Lok Sabha or Rajya Sabha) carries the exact same vote value.

Conclusion:
Since Statement 1 is correct and Statement 2 is incorrect, the correct statement given above is 1 only.