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India’s balance of payments this year to be ‘very, very strong’: Piyush Goyal
Aug-11-2020

Commerce and Industry Minister Piyush Goyal has said India’s balance of payments this year is going to be ‘very very strong’ on the back of significant improvement in exports and a fall in imports.  He said that good green shoots are visible in the economy and exports have shown a good turnaround.

He said ‘we are in July at about 91 per cent export level of July 2019 figures. Imports are still at about 70-71 per cent level of July 2019. So, broadly our balance of payments this year is going to be very very strong, which is why we feel confident that Indian industry will see opportunities for themselves, will see opportunities of growth.’

India’s exports fell for the fourth straight month in June as shipments of key segments like petroleum and textiles declined but the country’s trade turned surplus for the first time in 18 years as imports dropped by a steeper 47.59 per cent. The country posted a trade surplus of USD 0.79 billion in June.

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