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Union Power Minister Piyush Goyal.IANS

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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Minister of State for Power, Coal, New and Renewable Energy and Mines (Independent Charge), Piyush Goyal addressing at the Valedictory Session of the second meeting of National Platform for Disaster Risk Reduction (NPDRR), in New Delhi on May 16, 2017.PIB India

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.