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:

Correct Option: (d) 1, 3 and 4 only

India traditionally and structurally suffers from a merchandise trade deficit and an overall current account deficit (statements 1 and 4 are correct). Furthermore, India historically maintains a surplus in services trade, exporting more services than it imports (statement 3 is correct). Statement 2 is incorrect because imports of key industrial inputs like chemicals and machinery have generally grown or remained high over recent years to support domestic manufacturing.