The Vindhyan system of rocks is significant for the production of precious stones and building materials, making option 1 the correct answer.

Let`s dissect the other options to understand why they are not the correct answer:

Option 2 states that the Vindhyan system of rocks is important for the production of iron ore and manganese. Although iron ore and manganese are valuable resources found in different parts of the world, they are not specifically associated with the Vindhyan system of rocks.

Option 3 mentions bauxite and mica as the products of the Vindhyan system of rocks. Bauxite is a type of ore used to produce aluminum, and mica is a mineral often used in electrical insulation. However, there is no particular connection between the Vindhyan system of rocks and the production of these minerals.

Option 4 suggests that the Vindhyan system of rocks is significant for the production of copper and uranium. However, there is no evidence or specific association between the Vindhyan system of rocks and the production of these minerals.

In conclusion, option 1 - precious stones and building materials - is the correct answer as it accurately reflects the importance of the Vindhyan system of rocks.