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

May heat in March: Hot winds coming from Pakistan started heating up; the Heatwave continues even in the foothills of Himachal; Know what experts say

When the month of March started, there was a slight cold left, but around Holi, the mercury sudde

Mehul's complaint: Eight-ten people beat me mercilessly, took my phone, watch, and purse, returned the money

India's fugitive Mehul Choksi, wanted in the thousands of crores PNB scam, has complained to the

Nitish Kumar will go on a tour of the country: The solution journey starts from Bagaha; said – first looking at the development of your state

The Samadhan Yatra of Chief Minister Nitish Kumar started on Thursday. Amidst the cold, the Chief

Ghaziabad News: Accident while making reels on railway track, three including girl died after being hit by train

A girl and two youths who were making reels while standing on the railway track near the Kallu Ga

PM Modi: PM Modi will visit four states in two days, will inaugurate development projects here today; public meetings and road shows

Prime Minister Narendra Modi will be on a two-day visit (29 and 30 May) to Bengal, Sikkim, Bihar,

Will Ed Sheeran make his Bollywood debut with Shah Rukh Khan's film 'King'?

Shah Rukh Khan is in the headlines these days for his upcoming film 'King'. There may not have be

Hooliganism by MNS workers in Mumbai, a man from Rajasthan, beaten for posting a WhatsApp status; paraded too

Raj Thackeray's party, Maharashtra Navnirman Sena (MNS), is once again in controversy, and this t

Big decision on a reservation in promotion to SC-ST: Supreme Court refused to interfere in the parameters of reservation, said- let the state decide, but keep reviewing

The Supreme Court on Friday gave a big decision on a reservation in promotion to SC-ST. The Supre

Karan Johar launches Shanaya Kapoor, Lakshya, and Gurfateh in Bedhadak, know why trolls are praising too?

Karan Johar has announced his new film Bedhadak. On Wednesday evening itself, Karan Johar announc

They Call Him OG: From tears to fireworks outside the theater, fans celebrated seeing OG;

Power Star Pawan Kalyan's new film, "They Call Him OG," was released in theaters today. Fans were

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