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Option 4 : Both the statements (I) and (II) are effects of independent causes.

The first statement criticizes that the first statement indicates hopes of a quick turnaround in the economy have turned out to be quite premature in light of the latest set of economic data released on Friday and the second statement states that the Commerce and Industry Ministry reported that core sector output, which is measured by tracking the performance of eight major industries including cement, steel, and crude oil, contracted by a sharp 5.2% in September.

Hence, the correct answer is both the statements (I) and (II) are effects of independent causes.

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