Exports down, but Goyal upbeat

Balance of payments to be 'very, very strong' this year, says Piyush Goyal

In July, India's exports were down 9% on year while imports declined 30% on year, Commerce and Industry Minister Piyush Goyal said

"We are in July at about 91% export level of July 2019 figures. Imports are still at about 70-71% 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," he 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, Goyal said.

He said "good" green shoots are visible in the economy and exports have shown a "good" turnaround.

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%.

The country posted a trade surplus of USD 0.79 billion in June. He said the government is taking steps to support and promote domestic manufacturing and industry.

"We shall ensure that any unfair treatment meted out to Indian industry across the world will be taken up at the highest levels on your (domestic industry) behalf," he said, adding, some people are criticising the government's move to promote and support domestic industry by imposing certain restrictions on some products.