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

Ranbir Kapoor ready to marry Alia Bhatt said- I will take seven rounds soon, but...

The news of Ranbir Kapoor and Alia Bhatt's wedding has been in the news for quite some time. Rece

Comedian Raju Srivastava's team told his condition, had a heart attack while working out

Comedian Raju Srivastava suffered a heart attack while working out. It is being told that while e

Coronavirus in Britain: alarm bell for India! The number of passengers increased by 30 percent from last year

A piece of frightening news has come to the fore amidst the rising corona infection in India. The

'Appear by 3 PM tomorrow...', DGCA summons IndiGo CEO Pieter Elbers again over the IndiGo crisis.

Following the Indigo crisis, the government's strict action now looms over the airline's senior o

India dropped out of the list of top 15 infected countries; Patients recovered three times faster in the country

A year has passed since the onset of the corona epidemic in the country. Last year, the first pat

India-China Conflict: What is the stand of China's new foreign minister on India? The important statement given on relationships before the appointment

China has appointed Qin Gang as the new foreign minister. He will replace Wang Yi, who served in

America: Indian-origin Nikki Haley can contest the US presidential election, and will be seen competing with Trump

The year 2024 is going to be very special in America because in 2024 the presidential elections o

Speed of corona in the country has decreased in the last 15 days, know which states are slow and in which states the cases are still increasing

The pace of corona in the country has started slowing down for the last two weeks. The health min

Maharashtra: Controversy over Uddhav Thackeray's bag check, BJP hits back by sharing video of Fadnavis' check

A day after the controversy started over the bag check of Shiv Sena (UBT) chief Uddhav Thackeray,

'We followed the ideals of Hanuman ji', said Rajnath Singh after Operation Sindoor - we killed those who killed innocent people.

Defence Minister Rajnath Singh has given a befitting reply to Pakistan during an address. Speakin

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