Consider the following statements with respect to performance of the merchandise export of India in FY-2024: 1. Share of capital goods such as machinery, equipment and other durable goods decreased substantially. 2. Share of consumer goods and intermediate goods increased. Which of the statements given above is/are correct?

In FY 2023-24, India's merchandise export composition showed that the share of consumer goods and intermediate goods increased, while the share of capital goods such as machinery and durable equipment did not decrease substantially. According to RBI and Economic Survey data, the share of intermediate and consumer goods in India's export basket has been rising, reflecting changes in trade patterns. Statement 1 about a substantial decrease in capital goods exports is incorrect, while Statement 2 about the increase in consumer and intermediate goods exports is correct.