Option 1 states that Assam produces nearly 80% of jute in India. This statement is incorrect. The correct answer is that Assam produces nearly 50% of jute in India, not 80%.

Option 2 states that jute grows well on loamy soil. This statement is correct. Jute is known to thrive in loamy soil, which is a type of soil that contains a mixture of sand, silt, and clay.

Option 3 states that hot and humid conditions are ideal for growing jute. This statement is correct. Jute requires a warm and humid climate to grow successfully. The high humidity helps the jute plants to retain moisture and prevents them from drying out.

Option 4 states that jute is commonly cultivated with wheat in rotation. This statement is incorrect. Jute is not commonly cultivated with wheat in rotation. Jute is mostly grown as a standalone crop and is not typically rotated with other crops.

Therefore, the correct answer is Option 3, which states that statements 2 and 3 are correct. Remember that statement 1 is incorrect and statement 4 is also incorrect.