With reference to the water on the planet Earth, consider the following statements:

Correct Option

Statement 2 is correct. Glaciers and ice caps collectively represent the largest reservoir of freshwater on Earth, holding approximately 1.7% to 2% of the planet's total water. Groundwater, on the other hand, accounts for about 0.68% of the total water. Consequently, the volume of water stored in polar ice caps and glaciers substantially exceeds that of groundwater.

Incorrect Options

Statement 1 is incorrect. Groundwater constitutes approximately 0.68% of the Earth's total water. In contrast, the combined freshwater in rivers and lakes represents a much smaller proportion, typically less than 0.01% of the total water. Therefore, the amount of groundwater is significantly greater than the water found in rivers and lakes.

Option (a) is incorrect as Statement 1 is factually inaccurate.

Option (c) is incorrect because it includes the incorrect Statement 1.

Option (d) is incorrect since Statement 2 is correct.