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

Bengaluru: 'Lives were being lost outside and celebrations were going on inside', Karnataka Deputy Chief Minister apologizes for the incident

It was natural to celebrate in Bengaluru after the victory of Royal Challengers Bangalore (RCB),

Weather Update: IMD issues heatwave alert in nine states of the country, mercury crosses 43 degrees Celsius in UP

Heatwave conditions prevailed in many states of the country and temperatures have started rising

Kiccha Sudeep got corona: Kannada star, who was quarantined at home after the advice of doctors, Vikrant was busy promoting Rona

Kannada superstar Kiccha Sudeep is busy these days in the promotion of his upcoming film Vikrant

How did Anil Vij get corona even after getting vaccinated? Bharat Biotech gave this explanation

Haryana Health Minister Anil Vij has been found infected with the COVID-19 virus. He has been adm

Sony launches new wireless headphones in India, listen to music non-stop for 50 hours

Sony India has launched the WH-CH520 headphone. It is specially designed for long-term use. 60 ho

Earthquake: Earth shook again in Himachal, tremors felt at many places; Kinnaur's Sangla center

Earthquake tremors have been felt in many other areas including Kinnaur in Himachal. The earthqua

Another case of HMPV Virus surfaced, and now a second case found in this state; 75-year-old woman infected

The pace of the HMPV virus is increasing rapidly in the country. Now the second case of HMPV has

Elon Musk made a big announcement regarding banned Twitter accounts, decided after the results of the poll

Twitter owner Elon Musk announced an 'apology' for banned Twitter accounts after the vote. The ne

'Any change in the law is not good for the religious fabric', Congress reached the Supreme Court in support of the Places of Worship Act.

The Congress party has reached the Supreme Court in support of the Places of Worship (Special Pro

Russia-Ukraine War: What are the hidden interests of India and China regarding Russia, are Jinping and Modi being cautious on Ukraine crisis?

Russian President Vladimir Putin's attack on Ukraine has sparked renewed discussions on Russia's

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