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 :

Option (D) is correct because India consistently maintains a merchandise trade deficit (exports < imports) and a services trade surplus, which together typically result in an overall current account deficit. Statement 2 is incorrect because imports of essential industrial inputs like machinery, chemicals, and fertilizers have generally increased to support domestic demand and economic growth, rather than decreased. This question tests the core concept of India’s Balance of Payments (BoP) structure and the specific composition of its trade in goods and services.