Consider the following statements: Statement-I: The Union Budget 2024-25 has lowered the Basic Customs Duty (BCD) on imported chemicals. Statement-II: India is a major pharmaceutical and chemicals manufacturer and also an exporter of complex chemicals. Which one of the following is correct in respect of the above statements? |ForumIAS

Q. Consider the following statements:
Statement-I: The Union Budget 2024-25 has lowered the Basic Customs Duty (BCD) on imported chemicals.
Statement-II: India is a major pharmaceutical and chemicals manufacturer and also an exporter of complex chemicals.
Which one of the following is correct in respect of the above statements?

[A] Both Statement-I and Statement-II are correct and Statement-II is the correct explanation for Statement-I

[B] Both Statement-I and Statement-II are correct and Statement-II is not the correct explanation for Statement-I

[C] Statement-I is correct but Statement-II is incorrect

[D] Statement-I is incorrect but Statement-II is correct

Answer: D

Notes:

Explanation –

Statement-I is incorrect: The Union Budget 2024-25 initially increased the Basic Customs Duty (BCD) on laboratory chemicals from 10% to 150%, but this was later rolled back to 10% for chemicals used in research and development purposes, excluding undenatured ethyl alcohol.

Statement-II is correct: India is a major player in the global pharmaceuticals and chemicals industry, being a significant manufacturer and exporter of complex chemicals and pharmaceutical products.

Source: The Hindu

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