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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?