With reference to the international trade of India at present, which of the following statements is/are correct?

1. India’s merchandise exports are less than its merchandise imports.
2. India’s imports of iron and steel, chemicals, fertilisers and machinery have decreased in recent years.
3. India’s exports of services are more than its imports of services.
4. India suffers from an overall trade/current account deficit. Select the correct answer using the code given below:

Let's analyze each statement regarding India's international trade:

Statement 1: India's merchandise exports are less than its merchandise imports.

• India has a merchandise trade deficit, meaning imports exceed exports. According to RBI data for April-August 2019-2020, merchandise exports were USD 133.14 billion, while imports were USD 210.39 billion.
• Statement 1 is correct.

Statement 2: India’s imports of iron and steel, chemicals, fertilisers and machinery have decreased in recent years.

• Between 2011-12 and 2018-19, imports of iron and steel, organic chemicals, and industrial machinery registered positive growth rates as a percentage of share in imports.
• Statement 2 is incorrect.

Statement 3: India’s exports of services are more than its imports of services.

• India has a surplus in net services (service exports - service imports). During April-August 2019-2020, service exports were USD 67.24 billion, compared to imports of USD 39.25 billion.
• Statement 3 is correct.

Statement 4: India suffers from an overall trade/current account deficit.

• India has a Current Account Deficit (CAD). The Economic Survey 2019-20 reported India's CAD as 2.1% in 2018-19 and 1.5% of GDP in the first half of 2019-20.
• Statement 4 is correct.

Therefore, the correct answer is (d) 1, 3 and 4 only.