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.
Dollar rulers are getting weaker, Russia and China pursued this strategy
The US currency dollar is identified as a global currency. Dollars and Euros are very popular and
The third match of the five-Test series between India and England will be played in Rajkot from T
The year 2023 is considered the golden age for space technology. Reason- 5 big missions that will
Earthquake tremors have been felt once again in Turkey. According to the news agency Reuters, a m
The number of corona patients in the country has crossed 1.6 million on Thursday. So far, 16 lakh
Security has been increased in UP on Friday for Friday prayers. Kanpur has been put on high alert
Maharashtra Chief Minister Devendra Fadnavis on Thursday said that if a person of any religion ot
There has been a decrease in the cases of corona infection in the country. The Health Ministry sa
North Korea is facing challenges, will succeed: Kim Jong Un
North Korea's dictator leader Kim Jong Un has tested a record number of missiles this year. After
Prime Minister Narendra Modi has said that the United Nations (UN) is facing a crisis of trust an
