Given below are two statements:

Statement (I): Human Development is a process of enlarging peoples' choices.

Statement (II): Human Development Index (HDI) is based on the following indicators: Life expectancy at birth, expected years of schooling, mean years of schooling & Gross domestic product per capita at dollar PPP.

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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