Which of the following statement (s) is/are correct?

Statement 1: India became primarily an exporter of primary products such like cotton clothes , silk clothes , woollen clothes etc. during colonial times.

Statement 2: India imported capital goods like light machinery produced in British factories during colonial era.

Only Statement 2 is correct.

The correct answer is Option 2: Only Statement 2 is correct.

Statement 1: India became primarily an exporter of primary products such like cotton clothes , silk clothes , woollen clothes etc. during colonial times. Incorrect — During colonial times, India did not mainly export cotton clothes, silk clothes, or woollen clothes. Instead, India became primarily an exporter of raw materials and primary products such as raw cotton, jute, indigo, tea, and spices. 

Statement 2: India imported capital goods like light machinery produced in British factories during colonial era. Correct — India imported capital goods and light machinery from British factories because industrial development within India was limited and dependent on Britain.

"Since ancient times, India has held significant importance as a trading nation. However, the colonial government's policies regarding commodity production, trade, and tariffs had a detrimental impact on the structure, composition, and volume of India's foreign trade. As a consequence, India became primarily an exporter of primary products such as raw silk, cotton, wool, sugar, indigo, and jute, while relying on imports for finished consumer goods like cotton, silk and woollen clothes, and capital goods like light machinery produced in British factories. Essentially, Britain maintained a monopoly over India's exports and imports, with over half of India's foreign trade being restricted to Britain, and only a limited trade allowed with other countries such as China, Ceylon (Sri Lanka), and Persia (Iran). The opening of the Suez Canal further strengthened British control over India's foreign trade."