The correct answer is: Both I and II follow.
The statement says that the chairman stressed the need for making the education system more flexible and regretted that the curriculum has not been revised in keeping with the pace of the changes taking place. This means that the curriculum is not flexible enough to keep up with the changes in the world, and that it needs to be revised more often.
Course of action I says that the curriculum should be reviewed and revised periodically. This is consistent with the statement, as it would help to make the curriculum more flexible and keep it up-to-date with the changes taking place.
Course of action II says that the system of education should be made more flexible. This is also consistent with the statement, as it would help to make the education system more responsive to the needs of students and the changing world.
Therefore, both I and II follow.