Union minister Piyush Goyal says balance of payments to be ‘very, very strong’ this year

India posted a trade surplus of $790 million in June, its first in over 18 years, with imports plunging as the coronavirus pandemic.

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, union minister Piyush Goyal said on Monday.

Union minister Piyush Goyal India Virtual FMCG Supply Chain Expo 2020. (ANI)

“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.