Statement:

Number of student suicides in India are alarmingly increasing.

Course of actions:

I. Cancel annual examinations.

II. Suspend all the Vice Chancellors.

Given:

Number of student suicides in India are alarmingly increasing.

Course of actions:

I. Cancel annual examinations (true): as maybe pattern of examinations or marks distribution or excess pressure of syllabus are the reasons for such incidents. So annual examinations should be cancelled instead of which there can be certain other examinations techniques or some viva techniques can be applied to test the eligibility of the student.

II. Suspend all the Vice Chancellors (not true): as it is nothing to do with the suspension of the Vice Chancellors.

Hence, the answer is only I follows.