Q52. With reference to the international trade of India at present, which of the following statements is/are correct?
- India’s merchandise exports are less than its merchandise imports.
- India’s imports of iron and steel, chemicals, fertilizers and machinery have decreased in recent years.
- India’s exports of services are more than its imports of services.
- India suffers from an overall trade/current account deficit.
Select the correct answer using the code given below:
(a) 1 and 2 only
(b) 2 and 4 only
(c) 3 only
(d) 1, 3 and 4 only
Answer: D
- Statement 1 is correct: The merchandise trade deficit of India stood at $161 billion in 2019-20 as merchandise exports are less than merchandise imports.
- Statement 2 is not correct: As per the Economic Survey 2020, India’s imports of iron and steel have decreased but imports of chemicals, fertilizers and machinery have increased.
- Statement 3 is correct: India’s exports of services are more than the imports. As of April-August 2020-21, the service exports are estimated at USD 84.47 billion as compared to the estimated service imports of USD 49.56 billion.
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