Is this statement true or false???

Dear student, 

The given statement is True because $\mathrm{v}$ is indicating speed and $\left|\overrightarrow{\mathrm{v}}\right|$ is indicating magnitude of velocity.
As we know,
$\mathrm{Velocity} \left(\overrightarrow{\mathrm{v}}\right)=\frac{\mathrm{Net} \mathrm{Displacement}}{\mathrm{Time} \mathrm{taken}}$  while  $\mathrm{Speed}=\frac{\mathrm{Total} \mathrm{Distance}}{\mathrm{Time} \mathrm{taken}}$
From the above expressions we can see that net displacement is always less than or equal to the total distance covered by body so we can conclude that the magnitude of velocity $\left|\overrightarrow{\mathrm{v}}\right|$ is always less than or equal to speed $\mathrm{v}$.

Regards