
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.
Nag Panchami 2023: Unique practice prevalent in Nagmani village of Damoh
In Nagmani village under Patera block of Damoh district, on the day of Nagpanchami, there is no e
Xiaomi's Redmi Note 10 series launched in India, know everything from price to features
China's popular smartphone company Xiaomi has launched its latest Redmi Note 10 series in India.
Today is the 55th birthday of Congress MP and Leader of Opposition in Lok Sabha Rahul Gandhi. On
Indian captain Harmanpreet Kaur, who played an unbeaten knock of 143 runs in the second ODI on th
The fifth match of the five-match Test series between India and England (Ind vs Eng) is being pla
Sunrisers Hyderabad captain Pat Cummins said that he was thinking about the Super Over.
In the upcoming academic session 2022-23, BTech second-year students of engineering colleges in 1
After losing the IPL match against Lucknow Supergiants by 12 runs in IPL 2025, Mumbai Indians cap
'Not a shock but a mixed effect', India's reaction to Trump's 26 percent tariff
The Commerce Ministry is analyzing the impact of the 26 percent reciprocal tariff or import duty
Vijay demands CBI probe after 40 killed in Karur stampede, High Court hearing today
A stampede broke out at actor-turned-politician Vijay's rally in Karur, Tamil Nadu, on Saturday.