Consider the following statements: 1. In the last five years, Indian software exports have increased at a compound annual growth rate of about 60% 2. The software and service industry in India registered an overall growth of about 28% in rupee terms during the year 2001-2002. Which of these statements is/are correct?

The question asks about the growth of the Indian software industry around the early 2000s. Let's analyze each statement: Statement 1: "In the last five years, Indian software exports have increased at a compound annual growth rate of about 60%" This statement refers to the period leading up to 2001-2002, roughly from 1996-97 to 2001-02. During this era, the Indian IT sector, particularly software exports, experienced explosive growth. While exact figures can vary slightly depending on the source and specific calculation period, NASSCOM and government reports from that time consistently highlighted very high growth rates, often exceeding 50% CAGR for software exports. For instance, the Economic Survey 2001-2002 stated that software exports grew at a CAGR of "over 50 per cent" during the last five years. Given this context, "about 60%" is a plausible approximation of the phenomenal growth experienced during that period. Statement 2: "The software and service industry in India registered an overall growth of about 28% in rupee terms during the year 2001-2002." This statement refers to a specific year. According to NASSCOM's Strategic Review 2002, the Indian IT software and services industry grew by 28.1% in rupee terms during the fiscal year 2001-02. This figure is a well-documented fact from that period. Both statements align with the historical data and general understanding of the rapid expansion of the Indian IT sector at the turn of the millennium. Statement 1 reflects the high compound growth over a five-year period, and Statement 2 provides a specific, accurate growth rate for a particular year within that growth phase. Therefore, both statements are correct. The final answer is C