No, the inference 'I' is not Correct.
Let P = it rains.
Q = Cricket match will not be played.
For P $\rightarrow$ Q to be true.
If P is true then Q has to be true. (There is no other choice for Q).
But if P is false then Q can be anything (True or False). Still P $\rightarrow$ Q is true.
This is also known as "The fallacy of denying the antecedent".
P $\rightarrow$ Q
~P
$\therefore$ (Nothing can be concluded).