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.\n\nConclusions —\nI. Expenditure growth has begun to take its toll on India’s growth.\nII. 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.