Categories: Business

India's balance of payment to be very strong this year says Piyush goyal

Photo: PTI (FILE)

balance of payment to be strong this year

new Delhi. The country's balance of payments is expected to remain strong this year due to significant improvement in exports and fall in imports. Commerce and Industry Minister Piyush Goyal expressed this hope on Monday. The Union Minister said that the economy is showing better signs and exports have improved significantly. Addressing a webinar of the Board of Commerce and Industry FICCI, Goyal said, "We have reached the export level of 91 percent in July last year. At the same time, imports are between 70 and 71 percent of the level of July 2019. In this situation, our balance of payments situation is going to be very strong this year. Given this situation, we are confident that the Indian industry will see opportunities for itself and will seek opportunities for growth. "

The country's exports fell for the fourth consecutive month in June 2020. During this period, petroleum and clothing exports registered a significant decline, but during this period, the country also reached the status of trade surplus for the first time in the last 18 years, with a sharp decline of 47.59 percent in imports. The country's trade surplus stood at $ 0.79 billion in June 2020.

Earlier, an IMF report also indicated that the current account imbalance around the world could continue in 2020 due to Corona virus. According to the IMF report, the flow of money has slowed due to the freeze of business, which is reducing the expenses of those dependent on imports, while the earnings of exporters are decreasing. Due to which the deficit is reduced due to the currency of import dependent countries and on the other hand the earnings of exporters are ending the surplus situation, thereby limiting the global imbalance. Most of the demand for oil and gold in India is met by imports. But this time there has been a significant decrease in demand. Due to which the burden of import bill has come down.

This post was published on August 10, 2020 7:36 pm

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