Both Statement I and Statement II are individually true.

Statement I: A compass needle placed near a current-carrying wire will get deflected. This is because a current-carrying wire produces a magnetic field around it. When the compass needle is placed near the wire, it interacts with the magnetic field, resulting in its deflection. The direction of the deflection depends on the direction of the current flow in the wire.

Statement II: A current-carrying wire creates a magnetic field around it. This is a fundamental concept of electromagnetism. When electric current flows through a wire, it generates a magnetic field in its surroundings. The strength and direction of the magnetic field are determined by the magnitude and direction of the current.

Therefore, Statement II is indeed the correct explanation of Statement I. The deflection of the compass needle is a direct consequence of the magnetic field created by the current-carrying wire.