The following item consists of two statements, Statement I and Statement II. Examine these two statements carefully and select the correct answer using the code given below: Statement-I : India's share of world manufacturing output steadily declined during the 19th and the 20th centuries. Statement-II : There was no absolute decline in production in India during the colonial rule.

Statement I: India's share of world manufacturing output steadily declined during the 19th and the 20th centuries, particularly during the colonial period. This is historically accurate, largely due to the de-industrialization process where traditional Indian industries (like textiles) declined because of competition from British manufactured goods, discriminatory policies, and lack of state support. Statement II: There was no absolute decline in production in India during the colonial rule. This statement is generally false, especially concerning traditional manufacturing and handicrafts. While some new sectors might have emerged or grown (e.g., jute, tea, railways), the decline in traditional industries was absolute, not just relative to world production. Historians debate the extent of overall economic decline, but the notion of no absolute decline in production broadly (especially in key traditional sectors) during certain phases of colonial rule is incorrect.