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.
PM Modi said at Semicon India Conference 2023 – India's electronics production crossed $ 100 billion
Prime Minister Narendra Modi (PM Modi) on Friday addressed the Semicon India Conference 2023 in G
The countdown for the release date of Salman Khan and Katrina Kaif starrer film 'Tiger 3' has sta
Apple launches MacBook Pro and MacBook Air in India, know prices and features
WWDC 2022: Apple launched several products at its annual event WWDC (World Wide Developers Confer
Cyclone Amphan: Heavy destruction in Bengal, 12 killed, 5200 houses damaged, uprooted trees
Kolkata / Bhubaneswar / New Delhi, Agencies / Bureau. Hurricane Amphon in the Bay of Bengal hit t
Virat Kohli's bat has been quiet for a long time. For almost two years, no hundred came off his b
PM Modi has made a big announcement amid the controversy over the decision to merge Amar Jawan Jy
The Supreme Court has again provided relief to Teesta Setalvad in a case. The apex court has exte
Indian Under-19 team's explosive opener Vaibhav Suryavanshi missed out on a big innings in the th
Radhika Merchant is the future daughter-in-law of the Ambani family. Recently, Mukesh Ambani and
The excitement of the fans is increasing continuously regarding the launch of Battlegrounds Mobil
