World Bank said- For the first time a country's remittance is expected to be 100 billion dollars, know what is the reason for this? , India to receive record 100 billion dollars in remittances, says World Bank | NewsBust World Bank said- For the first time a country's remittance is expected to be 100 billion dollars, know what is the reason for this? , India to receive record 100 billion dollars in remittances, says World Bank | NewsBust

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World Bank said- For the first time a country’s remittance is expected to be 100 billion dollars, know what is the reason for this? , India to receive record 100 billion dollars in remittances, says World Bank

By Amit - December 2, 2022

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New DelhiOne hour ago

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India is expected to receive a record $100 billion in remittances in 2022. This will be the first time any country will reach this figure. The World Bank has said this in a report published on Wednesday. The World Bank said that India’s remittances will increase from 7.5% last year to 12%. For this reason, compared to the remittance of $ 89.4 billion in 2021, there will be a remittance of $ 100 billion this year.

However, the report also states that despite reaching the historic milestone of $100 billion, it is expected to be only 3% of its GDP. Besides India, the other countries expected to top the list of remittances in 2022 are Mexico, China and the Philippines. Interestingly, China’s remittances have been on the decline for the last four years.

What is remittance?
When an expatriate sends money to his country of origin, it is called remittance. It is a means of earning foreign exchange. Remittances are also an important source of household income for low- and middle-income countries. In the case of remittances in India, the contribution of Indians settled in Gulf countries is more. Apart from this, remittances also come to India from developed countries like America, Britain, Australia and Canada.

Why is India’s remittance high?
According to the World Bank, structural shifts in qualifications have led to a gradual change in the destination of Indian migrants. Good qualification has helped them to earn more money. The World Bank says that migrants have moved from the Gulf Corporation Council (GCC) to high-income countries such as the US, the United Kingdom and countries in East Asia such as Singapore, Japan, Australia, New Zealand and are sending more money home.

The World Bank report also states that remittances to India have also increased due to an increase in salaries in the US and other OECD (Organization for Economic Co-operation and Development) countries and a strong labor market. Also in 2022, resumption of vaccination and travel helped expatriates resume work, leading to a surge in remittances into the country.

13 lakh went abroad for jobs till July
Data from the Ministry of External Affairs shows that till July this year more than 13 lakh Indians have gone abroad for jobs. At the same time, between January 2020 and July 2022, more than 28 lakh Indians went abroad for employment. Over 4 lakh Indians went to 17 countries requiring Emigration Check Required (ECR) passports for jobs during this period.

Of these, the maximum number of 1.31 lakh people (32%) were from Uttar Pradesh. After that it was Bihar’s number. About 70 thousand people went from Bihar.

Whereas in 2020, 7.15 lakh Indians went out for jobs. In 2021, this figure increased to 8.33 lakh.

There is more news…

Amit

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