Step 1: Examine Statement (I).
Rainfed cropland has no controlled irrigation layer to buffer storm intensity, and monsoon rain often arrives as short, high-intensity bursts on loosely tilled or sloping land, this combination is a well documented cause of sheet, rill and gully erosion, so water erosion is genuinely a major hazard in rainfed tracts, making Statement (I) correct.
Step 2: Examine Statement (II).
The same rainfed tracts also pass through long dry spells between crops or between monsoon showers, during which the tilled topsoil is left bare, loose and dry, strong pre-monsoon or summer-fallow winds can then lift and carry away this exposed soil, which is exactly why wind erosion is also recognised as a serious hazard in dryland and rainfed farming areas, making Statement (II) correct as well.
Step 3: Combine the findings.
Because rainfed farmland is exposed to intense storms in the wet season and to bare, wind-exposed soil in the dry season, it suffers from both water erosion and wind erosion, so both statements are correct.
\[ \boxed{Both Statement (I) and Statement (II) are correct.} \]