India's balance of payments will be very strong, says Piyush Goyal

Says overseas companies must stop having an 'assembly workshop' approach

Commerce and Industry Minister Piyush Goyal on Monday said India’s balance of payments would be “very, very strong” in the current financial year, on the back of higher-than-expected exports and a fall in imports.

“Exports have shown a good turnaround. We are in July at about 91 per cent export level of the corresponding period last year. While imports in July are 70 per cent of last year’s level,” he said during the inaugural session of the India Virtual FMCG Supply Chain Expo 2020, organised by the Federation of Indian Chambers of Commerce and Industry (Ficci). 

India posted a trade surplus of