Consider the following statements 1. Indias import of crude and petroleum product during the year 2001-02 accounted for about 27% of Indias total imports. 2. During the year, 2001-02, Indias exports had increased by 10% as compared to the previous year Wh

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Q: 59 (IAS/2003)
Consider the following statements
1. India’s import of crude and petroleum product during the year 2001-02 accounted for about 27% of India’s total imports.
2. During the year, 2001-02, India’s exports had increased by 10% as compared to the previous year
Which of these statements is/are correct?

question_subject: 

Economics

question_exam: 

IAS

stats: 

0,8,43,8,8,32,3

keywords: 

{'total imports': [0, 0, 1, 0], 'exports': [0, 0, 2, 1], 'previous year': [0, 0, 1, 2], 'petroleum product': [0, 0, 1, 0], 'year': [27, 4, 33, 49], 'import': [0, 0, 2, 6], 'india': [8, 1, 7, 13]}

Option 1 suggests that India`s import of crude and petroleum product during the year 2001-02 accounted for about 27% of India`s total imports. As the correct answer is option 1, it means that this statement is accurate according to the given information.

Option 2 declares that India`s exports had increased by 10% during the year 2001-02 compared to the previous year. Since the correct answer is not option 2, this statement is not true according to the given information.

Option 3 suggests that both statements 1 and 2 are correct. This is not the correct answer, so not both statements are accurate.

Option 4 declares that neither statement 1 nor 2 is correct. The correct answer is not option 4, which means that one or both of the statements are true. In this case, statement 1 is correct, as clarified earlier.