UPSC Previous Year Question | Prelims GS | 2018

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 as a special case. Which of the statements given above is/are correct?

  1. 1 only
  2. 2 only
  3. Both 1 and 2
  4. Neither 1 nor 2

Answer

Correct Answer

1 only

Explanation

India imports more edible oil than it produces domestically (import dependence has been well above 50%). Statement 2 is wrong: the Government does levy customs duties on imported edible oils and revises them from time to time.

Topics: agriculture economy, economy, edible oil economy, edible oil imports and customs duty