The amount of money sent from abroad to India is expected to fall by 23% to $ 64 billion- World Bank


Posted on 24th Apr 2020 12:43 pm by rohit kumar

New Delhi: The World Bank has said that due to the corona virus epidemic, remittances to India this year are expected to fall by 23 per cent to $ 64 billion, from $ 83 billion last year.

 

 

The World Bank released a report on Wednesday and said, "The amount of remittances from abroad in India is expected to fall by about 23 per cent to US $ 64 billion during 2020, compared to US $ 83 billion during 2019". This report is regarding the effect of Covid-19 on migration and remittances.

 

 

The report said that due to the Covid-19 pandemic and its lockdown, it is estimated that there will be a 20 per cent decrease in remittances across the world this year. According to the report, this decline is the highest in recent history and will be largely due to reduction in salary and employment of migrant workers.

 

 

World Bank Group President David Malpas said that remittances from abroad are a major source of income for developing countries, while the continued economic slowdown due to Covid-19 has affected the ability of migrant laborers to send money home.

 

 

He said that remittance from abroad helps those families to meet their food, health care and basic needs. In such a situation, the World Bank Group is working to keep the remittance channels open and to meet the basic requirements related to it.

 

 

The World Bank estimates that Pakistan will see a decline of about 23 per cent in money received from abroad, while there may be a decrease of 22 per cent in Bangladesh, 14 per cent in Nepal and 19 per cent in Sri Lanka.

 

 

Understand remittance- When overseas Indians working abroad send back some amount of their earning money to their country of origin, it is called remittance. Through remittance, there is a big impact on the economy of countries. This helps the economies to gain foreign exchange and a good impact on the economy is seen in the rise in foreign exchange reserves of the countries.

1 Like 0 Dislike
Previous news Next news
Other news

Corona vaccination work to be completed by December in the country, Health Ministry has prepared the complete roadmap

The country is increasingly vaccinated during the Corona epidemic. Union Minister Prakash Javadek

Crown Prince MBS becomes the new PM of Saudi Arabia: Reformist leader gives women the right to drive - bans loudspeakers in mosques

Saudi Arabia's King Salman bin Abdulaziz has made 37-year-old Crown Prince Mohammed bin Salman (M

PM Modi said a big thing: India was ready to provide food to the world, waiting for WTO permission

Prime Minister Narendra Modi on Tuesday said he has offered to supply India's food reserves to th

New Timeline of WhatsApp Disappearing Messages feature can save your storage, know-how

WhatsApp launched its Disappearing Messages feature in November last year. This feature allowed t

Britain's PM Rishi Sunak revealed, said- I have also been a victim of racism

UK Prime Minister Rishi Sunak has revealed that he faced racism but now the country has made rema

Less than 90 thousand cases were reported for the 10th consecutive day, the number of existing patients 9.40 lakh, the lowest in the last 20 days, 62.23 lakh infected so far

80500 new cases of infection were found in the country in 24 hours and 86061 people have recovere

Pakistan-China part shown to Kashmir-Arunachal, WHO issued a disclaimer on India's objection

The government has strongly raised the issue of the wrong map of India on the website of the Worl

Weather Update Today: Weather has taken a turn in many states including Delhi-NCR, warning of heavy rain in these states

Due to the low-pressure area formed over the Bay of Bengal, the weather has taken a turn once aga

Happy Eid-ul-Fitr 2020: Awe of Corona made sweet Eid too 'faded', people said - this time heart will meet but not hug

New Delhi . Happy Eid-ul-Fitr 2020: The fear of rising infection of the corona virus has faded th

National Unity Day: PM Modi participates in the National Unity Day Parade, women bikers of CRPF showed excellent feat

Today the birth anniversary of former Deputy Prime Minister Sardar Vallabhbhai Patel is being cel

Sign up to write
Sign up now if you have flare of writing..
Login   |   Register
Follow Us
Indyaspeak @ Facebook Indyaspeak @ Twitter Indyaspeak @ Pinterest RSS



Play Free Quiz and Win Cash