The correct answer is the first option - The statue holding the torch is the Statue of Liberty.
You don't need a comma in this sentence because if you separated the phrase <em>holding the torch </em>using commas, then it would mean that phrase is non-essential, when in fact its meaning is very important for this sentence. It is important to know which statue exactly that is - and this is why the phrase should not be separated by commas.
Yes we do have to create social awareness to fight against corruption because social awareness makes others aware of whats going on in the world e.g (social issues, corruption).
