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:

1. India's merchandise exports are less than its merchandise imports. This statement is correct. India has historically experienced a merchandise trade deficit, meaning the value of goods it imports is consistently higher than the value of goods it exports.

2. India's imports of iron and steel, chemicals, fertilisers and machinery have decreased in recent years. This statement is incorrect. While there might be fluctuations, India's imports of these categories, particularly chemicals and machinery, are crucial for its industrial and agricultural sectors and have generally remained significant or increased, driven by domestic demand and industrial growth. A general decrease across all these diverse categories is not a consistent trend.

3. India's exports of services are more than its imports of services. This statement is correct. India is a net exporter of services, largely driven by its strong IT and IT-enabled services sector. The surplus in services trade helps to offset, to some extent, the deficit in merchandise trade.

4. India suffers from an overall trade/current account deficit. This statement is correct. Despite a surplus in services trade, India's large merchandise trade deficit usually leads to an overall current account deficit. This means that the total value of goods and services imported, along with net transfers, typically exceeds the total value of goods and services exported and net transfers received.

Based on the analysis, statements 1, 3, and 4 are correct.