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.
Pre-booking started for the Samsung Galaxy S23 series, only this much money has to be paid
Samsung Galaxy S23 series: Korean company Samsung is going to launch the Samsung Galaxy s23 serie
Congress general secretary in charge of Punjab, Harish Rawat, on Monday created a stir by saying
Rajasthan: Burnt body of a 14-year-old girl found at a brick kiln in Bhilwara, police suspect rape
Crime is at its peak in Rajasthan. The horrific murder of a 14-year-old girl has shaken Rajasthan
India has given 75 passenger buses to cash-strapped Sri Lanka to strengthen public transport infr
US President Joe Biden is going viral on social media. In fact, after forty minutes of his speech
China does not want to lose Nepal at any cost, delegation meets PM Oli
The political crisis continues in Nepal. Recently Prime Minister KP Sharma OP sent a proposal to
Five days have been completed since the launch of the Agneepath scheme of the Central Government.
The number of active cases of Covid in India has increased to 3,961. The Union Health Ministry re
The encounter with Anil Dujana proved the Yogi government's strict policy against mafias once aga
Chandrayaan-3: Chandrayaan reached its last stage, only this much distance is left
Chandrayaan-3 is continuously moving forward to write India's history on the Moon. The vehicle se
