Question

    Consider the following statements regarding economic

    survey 2022-23: 1.    India meets 60% of its edible oil demand through imports and sunflower oil, constituting up to 15% of our total edible oil imports. 2.    Quantity and value of edible oil has continuously increased in the last 5 years. 3.    Sunflower oil is only sourced from Ukraine. Which of the statements given above is/are correct?
    A 1 only Correct Answer Incorrect Answer
    B 2 only Correct Answer Incorrect Answer
    C 1 and 2 only Correct Answer Incorrect Answer
    D 3 only Correct Answer Incorrect Answer
    E 1 and 3 only Correct Answer Incorrect Answer

    Solution

    India meets 60 per cent of its edible oils demand through imports, making it vulnerable to international movements in prices. For instance, sunflower oil, which makes up 15 percent of our total edible oil imports, is procured mainly from Ukraine and Russia. Hence, statement 1 is correct. Out of 60% of the edible oils consumed in the country through imports, palm oil constitutes around 54% of the total edible oil imported mainly from Indonesia and Malaysia, while Soybean oil constitutes around 25% and is imported from Argentina and Brazil and Sunflower oil constitutes 15% and is imported mainly from Ukraine and Russia. Hence, statement 3 is incorrect. Statement 2 is self-explanatory from image. Hence, statement 2 is not correct

    Practice Next
    More Financial Management Questions
    ask-question