Balance Of Payments To Be "Very, Very Strong" This Year: Piyush Goyal

"Exports have shown a good turnaround. We are in July at about 91 per cent export level of the previous year, July 2019, figures," Mr Goyal said.

Balance Of Payments To Be 'Very, Very Strong' This Year: Piyush Goyal

India posted a trade surplus of $790 million in June, its first in over 18 years.

Highlights

  • Government expects its balance of payments to be "very, very strong"
  • Exports have shown a good turnaround, Mr Goyal said
  • India posted a trade surplus of $790 million in June

Government expects its balance of payments to be "very, very strong" in the current year, on the back of stronger than expected exports and a fall in imports, Commerce Minister Piyush Goyal said on Monday.

"Exports have shown a good turnaround. We are in July at about 91 per cent export level of the previous year, July 2019, figures," Mr Goyal said at an industry event.

"So broadly, our balance of payments this year is going to be very, very strong."

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic depressed domestic demand for crude oil, gold and other industrial products, reflecting a slowing economy.