Option 1 states that both statements are true and that Statement II is the correct explanation of Statement I. To understand whether this option is correct, we need to examine each statement individually.

Statement I claims that the Indian economy experienced slower growth rates during the years 2010-11 and 2011-12. This is generally true because the growth rate of the Indian economy did indeed slow down during this period. Factors such as high inflation, policy paralysis, and global economic uncertainty affected the Indian economy`s growth during these years.

Statement II states that the Indian economy experienced weakening industrial growth during this period. This is also true because the industrial sector, which includes manufacturing and mining, experienced a decline in growth rates during 2010-11 and 2011-12. The industrial sector is a significant contributor to India`s GDP, and its slowdown had a direct impact on the overall economic growth rate.

Therefore, Option 1 is correct because both statements are individually true, and Statement II provides a reasonable explanation for Statement I. The slower growth rates in the Indian economy can be attributed, at least in part, to the weakening industrial growth during the period.