Economy / Balance of payments to be 'very very strong' this year: Piyush Goyal

NEW DELHI- India 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% export level of the previous year, July 2019, figures,” 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.