Given below are two statements:

Statement I: India spends one of the lowest amounts per student for higher education in the world.

Statement II: The percentage expenditure on university and higher education in India was 0.77 percent in 1990 - 91 and it declined to 0.66 percent in 2004 - 2005.

In the light of the above statements, choose the most appropriate answer from the options given below: 

1
Both Statement I and Statement II are correct 
2
Both Statement I and Statement II are incorrect
3
Statement I is correct but Statement II is incorrect
4
Statement I is incorrect but Statement II is correct

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