The correct answer is option 3, Petroleum and petroleum products. In India, petroleum and petroleum products are the highest in terms of value as imports. This means that India imports a significant amount of petroleum and petroleum products, such as crude oil, gasoline, diesel, and other related products.
Option 1, Gold, gems, and jewellery, may also be a significant import for India, but it is not the highest in terms of value. India is known for its love for gold and jewelry, and they do import a substantial amount of these items, but it is not at the top in terms of overall value.
Option 2, IT imports, refers to the import of software, hardware, and other related technology products. While IT imports are important for India`s technology sector, they are not the highest in terms of overall value.
Option 4, Machinery and equipment, is also important for India as they import a lot of machinery and equipment for various industries. However, it is not the highest in terms of overall value compared to petroleum and petroleum products.
Therefore, the highest item of imports in India in terms of value is option 3, Petroleum and petroleum products.