Final answer:
Zero Hour is an informal period in the Indian Parliament allowing MPs to raise matters without prior notice, giving them freedom to discuss public issues. It does not occur at the start of the sitting nor is it formally included in the Rules of Procedure. The correct statements about Zero Hour are 3 and 4.
Step-by-step explanation:
Zero Hour in the Parliament of India refers to an informal period in both Houses during which Members of Parliament can raise matters without any prior notice. Contrary to what Statement 1 suggests, it is not the first hour of every sitting but typically follows the question hour and precedes the legislative business of the day.
Statement 2 is accurate as during this time, members are indeed allowed to raise matters without a week's prior notice to the Speaker, which is a deviation from the standard procedure for other discussions.
Statement 3 highlights the legislative freedom given to Members of Parliament during the Zero Hour, allowing them to address important issues of public importance, which is true. Lastly, Statement 4 is correct in stating that it is an informal process and does not find mention in the Rules of Procedure and Conduct of Business of Lok Sabha.
Given these explanations, the correct answer to the question regarding the correctness of the statements about Zero Hour is Option B: Statements 3 and 4.