Option 1 states that both Statement I and Statement II are true, and that Statement II is the correct explanation of Statement I. However, this is not the case.

Statement I acknowledges that agriculture in India still occupies a significant portion of total employment. This is correct, as agriculture remains a major source of livelihood for a large portion of the population.

On the other hand, Statement II claims that there has been no decrease in the volatility of agricultural growth in India. This is incorrect because India has indeed witnessed a decline in the volatility of agricultural growth. This reduction in volatility can be attributed to various factors such as improvements in technology, changes in government policies, and increased access to resources and information.

Therefore, option 2 is more appropriate. It suggests that both Statement I and Statement II are true, but Statement II is not the correct explanation of Statement I.

Agriculture`s importance in India`s employment sector is not directly related to the volatility of agricultural growth. Although agriculture remains a significant sector for employment, the volatility of agricultural growth has decreased over time.