Statement — In the budget speech, the Union Finance Minister declared that expenditure growth would be curbed and structural changes in the composition of expenditure would be brought about. Conclusions — I. Expenditure growth has begun to take its toll on India’s growth. II. More than the amount of expenditure, its composition has affected the country’s growth.

Introduction / Context:
The speech announces intent to curb growth of expenditure and alter its composition. We must not infer unstated causal claims about “taking a toll” on growth unless explicitly indicated.

Given Data / Assumptions:

• Policy intent: restrain expenditure growth, change composition.
• No explicit causal claim linking current expenditure to reduced GDP growth.

Concept / Approach:
I and II both assert reasons (“take its toll,” “composition has affected growth”) that the speech does not state. Fiscal reforms can be driven by prudence, re-prioritization, or efficiency aims; without explicit causal language, neither conclusion is necessary.

Final Answer:
Neither I nor II follows.