Consider the following statements:

Statement I: The funding structure of Pradhan Mantri Jan Arogya Yojana (PM-JAY) reflects cooperative federalism between the central and state governments.

Statement II: PM-JAY is funded in a 50:50 ratio between the central and state governments for all states. 

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

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