Consider the following statements regarding India's trade performance in the first nine months of FY25:
1. India's total exports (merchandise and services) grew by 6% YoY, reaching USD 602.6 billion, with non-petroleum, non-gems and jewellery exports growing by 9.1%.
2. India's total imports during this period stood at USD 682.2 billion, registering a 5.2% YoY growth, driven by steady domestic demand.
Which of the following is correct?
1
Only Statement 1 is correct
2
Only Statement 2 is correct
3
Both Statements 1 and 2 are correct
4
Neither Statement 1 nor 2 is correct