The correct answer is option 4, "Neither 1 nor 2". The question addresses two aspects of India`s economy over the last five years. Statement 1 is about the growth rate of GDP (Gross Domestic Product), which measures overall economic activity. Statement 2 is about the growth rate in per capita income, which is the average income per person.

Option 1 suggests that only the GDP growth rate has increased steadily, which is not accurate as the GDP growth has seen fluctuations over the given period. Option 2 suggests that only the per capita income`s growth rate has steadily increased, which is also incorrect as this rate can vary due to economic volatility and population changes.

Option 3, "Both 1 and 2," is incorrect because neither statement is accurate – the growth rates of both GDP and per capita income have seen fluctuations, not steady increases.

Hence, we conclude with option 4 – "Neither 1 nor 2" – indicating that both statements are incorrect, based on the recent trends in the Indian economy.