Step 1: Statement I
Species diversity takes into account both species richness (how many species) and species evenness (how evenly individuals are shared among them). Statement I is true.
Step 2: Statement II
India is one of the megadiversity countries along with Brazil, Colombia, Mexico and others. It is not the only country rich in species diversity, so Statement II is false.
Step 3: Conclusion
Statement I is correct but Statement II is incorrect.
Final Answer:
Statement I is correct and Statement II is incorrect.
\[ \boxed{\text{(C) }\text{Statement I is correct but statement II is incorrect}} \]