The correct answer is option 1: Both the statements are individually true and Statement II is the correct explanation of Statement I.

Statement I states that India`s offshore and deep sea fish catch is poor considering its marine potential. This means that despite having a large potential for fishing in offshore and deep sea areas, India`s actual catch is not satisfactory.

Statement II states that the Indian coast does not have many gulfs, bays, estuaries, and backwaters. This means that compared to other coastal regions, India has a limited number of these geographical features.

The two statements are individually true. Statement I highlights the poor fish catch despite the potential, and Statement II explains the reason behind it - the limited presence of gulfs, bays, estuaries, and backwaters. These geographical features provide favorable conditions for the growth of marine life and act as breeding grounds for fish. Therefore, the limited presence of these features along the Indian coast can explain the poor fish catch in offshore and deep sea areas.

In conclusion, India`s offshore and deep sea fish catch is poor considering its marine potential, and the limited presence of gulfs, bays, estuaries, and backwaters along the Indian coast is the correct explanation for this.