Consider the following statements:
Statement I: The Union Budget 2025-26 provides full customs duty exemption on lithium-ion battery waste to promote India’s battery recycling industry.
Statement II: The exemption will enable domestic manufacturers to procure recycled materials at lower costs and reduce dependency on imports.
Which one of the following is correct in respect of the above statements?
1
Both Statement I and Statement II are correct, and Statement II is the correct explanation for Statement I.
2
Both Statement I and Statement II are correct, but Statement II is not the correct explanation for Statement I.
3
Statement I is correct, but Statement II is incorrect.
4
Statement I is incorrect, but Statement II is correct.