In the Union Budget 2011-12, a full exemption from the basic customs duty was extended to the bio-based asphalt (bioashphalt). What is the importance of this material?

1. Unlike traditional asphalt, bio-asphalt is not based on fossil fuels.

2. Bioasphalt can be made from non-renewable resources.

3. Bioasphalt can be made from organic waste materials.

4. It is eco-friendly to use biosphalt for surfacing of the roads.

Which of the statements given above are correct?