Given below are two statements : Statement I: A time varying...

According to the Maxwell’s EM theory, the EM waves propagation contains electric and magnetic field vibration in mutually perpendicular direction. Thus, the changing of electric field give rise to magnetic field.

Also, time varying magnetic field produces electric field. According to Faradays law, when magnetic flux changes in the region surrounded by conductor, it produces electric field (induced emf) in conductor. 

In a material medium the EM wave travels with speed given by $\begin{cases}v & = \dfrac{1}{\sqrt{\muε}} \\ v & = \dfrac{1}{\sqrt{{\mu}_{0}{\mu}_{r}( {ε}_{0}{ε}_{r} )}}\end{cases}$

Thus, statement I is correct but statement II is false.