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.
Earthquake tremors have been felt in India 948 times in the last 9 months from January to Septemb
North Korea on Sunday tested a new weapon system to boost its nuclear power. According to the Kor
Rajya Sabha Speaker Venkaiah Naidu on Monday suspended 8 opposition MPs from the proceedings of t
The all-India average retail price of tomatoes has come down by 29 percent as compared to the pre
On the occasion of the completion of 75 years of making the Constitution, a two-day discussion wi
Instagram launches reels after TikTok was banned in India, make 15 second video
Facebook-owned social media platform Instagram today announced Reels, a short video-making tool.
Insurance companies: Insurance companies bother senior citizens more, revealed in the survey
Senior citizens in the country have to struggle a lot in getting an insurance claim. It has been
Why did Vikrant Massey decide to retire from acting? Finally, the real reason has come out!
'The Sabarmati Report' actor Vikrant Massey shocked everyone by announcing his retirement from fi
Due to heavy rains in many parts of the country, life is disturbed, while there are many areas wh
'India' vs 'Bharat' is being discussed the most in the country at present. First, 'President of I
