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.
Chennai Super Kings captain Mahendra Singh Dhoni has undergone knee surgery. He is currently rest
PM Modi's massive rallies continue in the election state Madhya Pradesh. The Prime Minister has r
After Haryana, now the Union Home Ministry has temporarily stopped internet services in the capit
Allu Arjun and the makers of 'Pushpa-2' have announced to give Rs 2 crore to the family of the wo
US President Donald Trump on Wednesday announced a 25 percent tariff on India. He said that these
Marriage of Muslims is a contract, not a sacrament like Hindu marriage: Karnataka High Court
The Karnataka High Court has observed that Muslim marriage is a contract that has multiple meanin
In the third phase, in the interesting election battle of Mainpuri, BJP has fielded Tou
Commander-level meeting between Indo-Chinese troops, to be held in China border
New Delhi: Commander level discussion between India and Chinese troops will be held on June 6 tom
Muhammad Yunus met PM Modi in Bangkok, will India-Bangladesh relations improve?
Prime Minister Narendra Modi and Bangladesh interim government advisor Muhammad Yunus met. Both t
Comedian Samay Raina's statement is to be recorded on the YouTube show 'India's Got Latent' contr
