Question
Consider the following statements
1. The quantity of imported edible oils is more than the domestic production of edible oils in the last five years.
2. The Government does not impose any customs duty on all the imported edible oils a special case.
Which of two statements given above is/are correct
(a) 1 only
(b) 2 only
(c) Both 1 and 2
(d) Neither 1 nor 2
Answer:
A
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Explanation:
Statement 1 is correct. In the last five years, the quantity of imported edible oils in India has been higher than the domestic production of edible oils. India is one of the largest importers of edible oils in the world due to the high demand and consumption.
Statement 2 is incorrect. The Government of India does impose customs duty on imported edible oils. The rates of customs duty can vary depending on the type of edible oil, the country of origin, and other factors. The purpose of imposing customs duty is to protect domestic farmers and industries and regulate imports.