Consider the following statements: Statement-I: 7th August is declared as the National Handloom Day. Statement-II: It was in 1905 that the Swadeshi Movement was launched on the same day. Which one of the following is correct in respect of the above statements?

Statement-I: The Government of India officially declared 7th August as the National Handloom Day in 2015. This day is observed to honor the handloom weaving community and to highlight the contribution of the handloom industry to the country's socio-economic development. Thus, Statement-I is Correct.

Statement-II: The Swadeshi Movement was launched on August 7, 1905, from Calcutta's Town Hall to protest against the partition of Bengal. This movement significantly promoted the use of indigenous products, including handloom goods, as a form of economic nationalism and self-reliance. The date 7th August was specifically chosen for National Handloom Day to commemorate this historic event and its emphasis on Indian-made products, particularly handlooms. Thus, Statement-II is Correct.

Relationship between statements: Statement-II provides the direct historical reason and the significance behind the choice of 7th August as National Handloom Day, making it the correct explanation for Statement-I. The Handloom Day celebration is a tribute to the spirit of the Swadeshi Movement.