Consider the following statements regarding iron and steel imports in India:
Statement-I: India's iron and steel imports fell in 2024 compared to 2023.
Statement-II: The decline in imports was due to a fall in global demand for finished steel products.
Which one of the following is correct in respect of the above statements?
1
Both Statement-I and Statement-II are correct, and Statement-II is the correct explanation for Statement-I.
2
Both Statement-I and Statement-II are correct, but Statement-II is not the correct explanation for Statement-I.
3
Statement-I is correct, but Statement-II is incorrect.
4
Statement-I is incorrect, but Statement-II is correct.