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.”
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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.
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Source: News18