Official Answer Key & Detailed Solution
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Correct Answer: Option (A) — Only 1
Concept & Option Breakdown
Standard Reference Verified- Statement 1 is correct: In the fiscal year 2001-02, imports of crude petroleum and related products constituted approximately 27% of the nation's total import basket.
- Statement 2 is incorrect: Exports grew only marginally (under 1% in USD terms) due to the global economic slowdown in 2001-02, far below 10%.
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