Step 1: Understanding the Concept:
The Training and Visit (T&V) system was a highly structured extension methodology promoted to modernize agricultural extension services in developing nations.
Step 2: Detailed Explanation:
The Training and Visit (T&V) system of extension was formulated by Daniel Benor, a World Bank consultant.
It was designed to build a professional, disciplined hierarchy of extension workers who visit farmers on a strict bi-weekly schedule.
The system was first introduced as a pilot project in India in 1974 in the Chambal Command Area of Madhya Pradesh and Rajasthan.
Following its remarkable success in boosting yields, it was expanded across several states in India with World Bank assistance.
Since it was initiated in 1974, Statement (I) is correct, and Statement (II) is incorrect.
Step 3: Final Answer:
Statement (I) is correct but Statement (II) is incorrect.