Official Answer Key & Detailed Solution
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Correct Answer: Option (A) — 1 only
Concept & Option Breakdown
Standard Reference VerifiedStatement 1 is correct: India's import of edible oils exceeds domestic production, with imports meeting nearly 55–60% of total domestic edible oil consumption over recent years.
Statement 2 is incorrect: The Government routinely levies basic customs duties, agriculture infrastructure and development cess (AIDC), and adjusts tariffs on crude and refined edible oils to balance domestic consumer inflation and protect local oilseed growers.
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