Consider the following statements: 1. During the year 2004, India's foreign exchange reserves did not exceed the 125 billion U.S. dollar mark. 2. The Series of index numbers of wholesale prices introduced from April, 2000 has the year 1993-94 as base year. Which of the statements is/are correct?

1. Statement 1 is incorrect. India's foreign exchange reserves crossed the 100 billion U.S. dollar mark in late 2003 and continued to rise significantly during the year 2004, substantially exceeding the 125 billion U.S. dollar mark within that year. 2. Statement 2 is correct. The new series of index numbers of wholesale prices (WPI) with the base year 1993-94 was introduced by the Government of India from April 1, 2000, replacing the previous series which had 1981-82 as the base year. 3. Based on the official answer key (B), only statement 2 is correct.