Overseas Indians will earn Rs 8 lakh crore: India has overtaken Pakistan and China in terms of earnings from abroad

Posted on 6th Dec 2022 by rohit kumar

This year, the amount of overseas Indians earning from abroad will cross Rs 8 lakh crore. This has been disclosed in the report of the World Bank.

 

It has been told in the report that this year, an increase of 12% can be recorded in the earnings of Indian expatriates as compared to last year. Whereas in the year 2021, this increase was only 7.5% as compared to 2020.

 

India is number one in terms of earning abroad and sending money to their country. Earlier also India was on the first rank in this matter. China, Pakistan, Mexico, Egypt, and the Philippines lag behind India in this regard.

 

country earning

 

China: Rs 4 lakh crore

Mexico: Rs 4.9 lakh crore

Egypt: Rs 2.6 lakh crore

Pakistan: Rs 2.3 lakh crore

Philippines: Rs 3 lakh crore

 

Earnings of expatriates of Pakistan decreased

 

On the other hand, if we talk about the regional level, then the earnings of South Asian countries by going abroad have increased by 3.5%. But, there is a lot of disparity. That is, on the one hand, where the income of overseas Indians is expected to increase by 12%, on the other hand, this increase can be only up to 4% in Nepal. While Pakistan, Sri Lanka, and Bangladesh have lost instead of increasing their foreign earnings. According to the World Bank, there may be a 10 percent decline in income coming from outside these countries.

 

India's highly skilled force is going to America

 

By assessing the year 2022, the World Bank has also told which countries the migrant workers of India turn to for earning. According to the report, highly skilled workers from India go to America, UK and Japan, Singapore, Australia, and New Zealand in the Asia Pacific. On the other hand, less educated workers look for means of earning in Gulf countries.

 

The highest foreign earnings in India are coming from America

 

From the year 2016-17 to the year 2020-21, the earnings of migrants in India from America, the UK, and Singapore increased from 26 to 36 percent. While Gulf countries' earnings have declined by 26 percent in these 4 years. In the year 2016-17, it was 54 percent of the total earnings, which decreased to 28 percent in the year 2020-21.

 

More than 20 percent of India's expatriates in the UK and US

 

The World Bank has told in its report that 20 percent of overseas Indians live only in the US and the UK. According to US Senses, in the year 2019, 50 lakh Indians were living in America. One of the major foreign earnings from America is the highly skilled force that goes to India. About 43 percent of people born in India and living in the US have a bachelor's degree, while only 13 percent of people born in the US do so.

 

Also Read: World Bank: Migrant workers sent the most money to India, for the first time a country's remittance crossed $100 billion

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