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

Yogi Adityanath: 'Mafia can no longer scare anyone in UP' CM Yogi said after Ateeq-Ashraf murder case

Chief Minister Yogi Adityanath participated in the MoU signing program with Union Minister Piyush

Monsoon In India: Monsoon has arrived in Maharashtra, when will it enter Delhi-Mumbai; IMD gave the latest information

People are troubled by heat and heat waves in many parts of the country. However, for the last fe

Google Pixel 4a launched, OnePlus Nord, Samsung Galaxy A51 and A71 will get a challenge

New Delhi: After a long wait of several months, Google finally launched its Pixel 4a smartphone o

Weather Update: Temperature may reach 46 degrees Celsius in Delhi today, alert issued in these states, know the condition of your state

This time all over North India including Delhi NCR is getting record-breaking heat. The mercury h

Antilia explosive case: Mysteryman wearing PPE kit spotted with Scorpio in CCTV, suspected of being driver of Innova

A few days ago a Scorpio car full of explosives was found outside 'Antilia', home of industrialis

Bihar CM Oath: The NDA is compelled to field ministers from 11 districts; where will the change happen? This is the gift of the Bihar election results.

The 2025 Bihar Assembly Elections have presented the National Democratic Alliance with a signific

Today RCB vs CSK: Dhoni's 836 runs against Bengaluru, Dinesh Karthik's bat is running at a strike rate of 194

Today, the match between Royal Challengers Bangalore and Chennai Super Kings will be played at Ma

'You will have to go to the police station', SC gave the order in Ranveer Allahbadia case; said- 'No license to say anything'

The Supreme Court on Tuesday reprimanded YouTuber Ranveer Allahabadia for using obscene language

Pakistani players dominate in ICC Awards: Babar Azam and Rizwan in ODIs and T20s, Player of the Year Shaheen

ICC has announced the names of the best players of 2021. Pakistani players dominated this award.

China: Chinese government in tension due to decreasing population, now brought this plan to boost birth rate

The decreasing population of China has increased the tension in the Jinping government. New schem

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