Consider the following statements:

I. As per the Economic Survey 2025-26, India accounts for more than 5% of global merchandise exports.

II. As per the Economic Survey 2025-26, India's service imports were greater than its exports.

Which of the above statements is/are correct?

Statement I is incorrect: As per the Economic Survey 2025-26, India's share of global merchandise exports is significantly lower than 5%. While India's trade performance has shown resilience and growth, its share of global merchandise exports has risen from 1% in 2005 to approximately 1.8% by 2024. Statement II is incorrect: India consistently maintains a surplus in services trade. The Economic Survey 2025-26 and subsequent Reserve Bank of India (RBI) data highlight that India’s services exports significantly exceed its services imports. This "net services surplus" is a key structural component that helps offset the country's merchandise trade deficit.