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.
The second wave of Covid is going on in the country. To deal with this, India is buying goods fro
Seven days have passed since the murder of national tennis player Radhika Yadav. Even now, the fa
The wait of fans for the trailer of Salman Khan's most awaited film Tiger 3 is finally over. Afte
Due to snowfall in the mountains and rain in the plain states, the cold has increased once again.
Nirmala Sitharaman on Muslims Union Finance Minister Nirmala Sitharaman today attacked the 'negat
Bihar Board, BSEB 10th. & 12th. Examination 2022: The Bihar Board examinations are held in th
Amidst the ever-increasing corona cases in Maharashtra, Chief Minister Uddhav Thackeray has said
Corona remained the record, the biggest jump so far with 6088 new cases in the last 24 hours
In spite of the lockdown applied for the prevention of corona virus, the infection has remained o
National Herald Case: After interrogation in the National Herald case, Congress leader Rahul Gand
The Pakistan Cricket Board (PCB) has demanded compensation from the Asian Cricket Council (ACC) f
