Consider the following statements regarding the reasons behind the recent slump in the Indian textile industry:
1. High raw material costs and a drop in exports and domestic demand have caused the sector's downturn over the last two years.
2. Government-imposed import duties on cotton have made Indian cotton less competitive globally by increasing raw material costs.
Which of the statements given above is/are incorrect?
1
1 only
2
2 only
3
Both 1 and 2
4
Neither 1 nor 2