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.
Professor Shantisree D Pandit, an alumnus of Jawaharlal Nehru University and the first woman Vice
Delhi AIIMS server down from tomorrow: Central agencies arrive to investigate, fear of cyber attack
The server of the country's largest government hospital Delhi AIIMS is down since 7 am on Wednesd
Salman Khan Tiger 3 Box Office Record: If we talk about mega superstars of Hindi cinema, Salman K
Delhi Water Crisis: Delhi government's decision, ADM and SDM will monitor water pipelines
A water crisis has arisen in the capital Delhi. Aam Aadmi Party and BJP are accusing each other o
Relief news came on Monday amid the second wave of Corona in the country. The number of new patie
Vivo's premium smartphone series X70 is going to be launched in India soon. The company has annou
Artificial Sun: This country is preparing to make "sun", know what will be the temperature
Artificial Sun Time: The Korean government is working on developing technology to make Korea's fi
IPL 2024: Virat Kohli's stormy innings kept RCB in the playoff race, Punjab Kings' hopes dashed
Royal Challengers Bangalore defeated Punjab Kings by 60 runs in the 58th match of IPL 2024 on Thu
New Delhi: The Supreme Court heard today on the migrant laborers facing an economic crisis in loc
The Marvel Cinematic Universe's film Avengers: Doomsday is one of the most anticipated films of 2
