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

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

2. Bio-asphalt can be made from non-renewable resources.

3. Bi-asphalt can be made from non-organic waste materials.

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

Which of the statements given above is/are correct?

I.A.S. (Pre) 2011