The correct answer is option 1, which states that statement 1 is correct i.e., "In Hind Swaraj, Mahatma Gandhi formulates a conception of good life for the individual as well as the society."

Hind Swaraj is a book written by Mahatma Gandhi that was first published in 1909. It is a dialogue between the reader and the author, where Gandhi expresses his thoughts on various topics such as civilization, modernity, politics, and the role of individuals in society.

In Hind Swaraj, Gandhi outlines his vision of the ideal society and the good life. He argues that true happiness and fulfillment can be achieved only through self-rule and self-reliance, rather than depending on external authorities or material possessions. For Gandhi, the good life involves a harmonious balance between the individual`s spiritual, moral, and material well-being, as well as their active participation in the welfare of society.

Option 2 is incorrect as it states that Hind Swaraj was the outcome of Gandhi`s prolonged struggle against British colonial rule in India. While it is true that Gandhi`s experiences during the struggle influenced his ideas and perspectives, Hind Swaraj was not directly a result of that struggle. It was written before Gandhi emerged as