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?

Correct Answer: The correct option is 1 only.

Let us analyze each statement step-by-step to understand why statement 1 is correct while statement 2 is incorrect:

Statement 1: "The quantity of imported edible oils is more than the domestic production of edible oils in the last five years."
This statement is correct. India is one of the largest importers of edible oils in the world. Over the past several years (including the last five years), domestic production of edible oils has been insufficient to meet domestic demand. Consequently, imported edible oils account for approximately 55% to 60% of the total domestic consumption of edible oils in India, making the quantity of imported edible oils greater than domestic production.

Statement 2: "The Government does not impose any customs duty on all the imported edible oils as a special case."
This statement is incorrect. The Government of India imposes import duties (customs duty) on various categories of imported edible oils (both crude and refined) to protect the interests of domestic farmers and domestic oilseed processors. While duty rates are periodically revised, calibrated, or temporarily reduced to control inflation, import customs duty is not completely zero on all imported edible oils as a general rule.

Therefore, only statement 1 is correct.