Detailed Explanation:

Answer: Option 1 — 1 only

This question tests knowledge about India's edible oil economy. Statement 1 correctly identifies India's heavy dependence on imported edible oils, while Statement 2 incorrectly claims that no customs duty is imposed on imported edible oils.

✅ Statement 1 – Correct: India is the world's largest importer of edible oils, with imports accounting for 60-65% of total consumption in recent years, significantly exceeding domestic production (35-40%).

❌ Statement 2 – Incorrect: The Government of India does impose customs duties on imported edible oils (including Basic Customs Duty and Agriculture Infrastructure and Development Cess), which are periodically adjusted to protect domestic oilseed farmers and manage prices.

📝 Short Notes: Edible Oils in India

• Import Dependence: India imports about 60-65% of its edible oil requirements, making it the world's largest importer of edible oils.
• Major Sources: Palm oil (from Indonesia and Malaysia), soybean oil, and sunflower oil are the primary imports.
• Domestic Production: India produces mainly groundnut oil, mustard oil, and a smaller quantity of palm oil, accounting for 35-40% of consumption.
• Customs Duty Policy: The government periodically revises customs duties on imported edible oils to balance consumer prices and farmer interests. Duties include Basic Customs Duty (BCD) and Agriculture Infrastructure and Development Cess (AIDC).
• Key Oilseeds: Major oilseeds grown in India include groundnut, rapeseed-mustard, soybean, sunflower, safflower, and sesame.
• Government Initiatives: National Mission on Oilseeds and Oil Palm (NMOOP) aims to increase domestic production and reduce import dependence.