Statement 1: Industrialization in Britain led to deindustrialization in many sectors in India during colonial rule.
Statement 2: Old urban centres like Bombay and Madras declined during the Colonial Rule.

Only Statement 1 is correct

In India the impact of the very same British industrialisation led to deindustrialisation in some sectors. And decline of old urban centres. Just as manufacturing boomed in Britain, traditional exports of cotton and silk manufactures from India declined in the face of Manchester competition. This period also saw the further decline of cities such as Surat and Masulipatnam while Bombay and Madras grew. When the British took over Indian states, towns like Thanjavur, Dhaka, and Murshidabad lost their courts and, therefore, some of their artisans and court gentry