The correct option is 2 and 3 only.
Explanation
India’s foreign trade profile has evolved significantly since independence. While agriculture remains important, the export basket has diversified into manufactured goods and services, while imports are dominated by energy resources and capital requirements.
Statement 1 is Incorrect: India’s export basket is not exclusively agricultural. While India exports agricultural commodities (such as rice, spices, and marine products), the export basket is highly diversified. Major export sectors include engineering goods, refined petroleum products, gems and jewelry, chemicals, and pharmaceuticals. Manufactured goods constitute a significant majority of India's merchandise exports.
Statement 2 is Correct: India is heavily dependent on imports to meet its domestic energy and industrial needs. Petroleum (crude and products) consistently forms the largest component of India's import bill. Additionally, India imports large quantities of capital goods (machinery, transport equipment, and electronic goods) to support domestic manufacturing and infrastructure development.
Statement 3 is Correct: India maintains a diverse portfolio of trading partners.
- Developed Economies: The USA and countries in the European Union are major trade partners. The USA is often India's largest export destination.
- Developing Economies: China, UAE, Saudi Arabia, and ASEAN nations are critical trade partners, particularly for imports (like electronics and oil) and regional trade.
Key Takeaway: India's trade structure is characterized by a diversified export basket (led by engineering goods and refined petroleum) and an import bill dominated by crude oil (POL) and electronic/capital goods.