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

Statement 1: The Colonial policies of British India brought about a fundamental change in the structure of the Indian economy.

Statement 2: India was  transformed into a supplier of finished industrial products and consumer of raw materials from Britain. 

Only Statement 1 is correct.

The economic policies pursued by the colonial government in India were concerned more with the protection and promotion of the economic interests of their home country than with the development of the Indian economy. Such policies brought about a fundamental change in the structure of the Indian economy — transforming the country into supplier of raw materials and consumer of finished industrial products from Britain.