Step 1: Historical Context of the Bombay-Deccan:
Following the agricultural depression and low prices of the 1820s and 1830s, the economy of the Bombay-Deccan began to recover in the mid-1840s.
Step 2: Evaluating Statements I and II:
• Statement I: After 1845, there was a notable expansion in cultivation. Peasants began clearing waste and scrub lands, extending agriculture across the region. (Correct)
• Statement II: During this decade, agricultural prices began to rise steadily. This recovery provided some fincial relief to the peasantry and encouraged them to expand cultivation. (Correct)
Step 3: Evaluating Statements III and IV:
• Statement III: The major, widespread peasant uprisings (the Deccan Riots) occurred much later, in 1875. The period from 1840 to 1850 did not see frequent or widespread violent peasant uprisings. (Incorrect)
• Statement IV: The term “progressive” is historically iccurate for a colonial system characterized by high taxes and growing peasant debt. (Incorrect)
Therefore, since Statements I and II are correct, the correct option is (C).