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 two statements given above is/are correct

QUESTION

Medium

Economy

Prelims 2018

Consider the following statements

The quantity of imported edible oils is more than the domestic production of edible oils in the last five years.
The Government does not impose any customs duty on all the imported edible oils as a special case.

Which of the two statements given above is/are correct

Select an option to attempt

Explanation

Statement 1 is correct. Domestic production of edible oil in 2018 was around 100 Lakh Metric tons (LMT) while import was around 150 LMT.

Statement 2 is incorrect. The Government of India does impose customs duties on imported edible oils. The rates of these duties may vary depending on various factors, including the type of edible oil, international market conditions, and government policies aimed at promoting domestic production or protecting domestic producers.

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