Remittances of 100 Billion Dollars were received for the first time in history. upsc,ssc,si,net,jrf

India touched the figure of 100 Billions Dollars for the first time.

The World Bank has said that the kind of figures that are coming in front of us, it will be confirmed in a few months or this year that India has received Remittance of 100 Billions Dollars, this Remittance is 25% more than India's Foreign Direct Investment. Compare last year 2021 to 2022

Remittances   --> 89 Billions Dollar in 2021

Remittances   -->100 Billions Dollars in 2022

For the first time in the history, a country has reached the remittance of 100 Billions Dollar, this is a huge achievement for any developing country, the world is struggling with the global economic recession caused by the corona pandemic, in such a time this achievement becomes even more special. Is.. Because on the other hand, in the country receiving the most remittances, our neighboring countries Pakistan, Srilanka, Bangladesh, there has been a huge decrease in the remittances of these countries.  

From the point of view of critics: -- India's Remittances reached up to 100 Billions Dollars because, because there was a lot of fall in Rupee, then people living in America Europe sent money to India so that the value of their money will increase.   

There is no doubt that the fall of the rupee has proved to be a little helpful in reaching the figure of 100 billions.

But on the other hand, if we look at the currency of Pakistan, Bangladesh, Sri Lanka, it has fallen many times more than Indian rupees, but the interesting thing is that last year total Remittances in Pakistan was 31 Billions Dollar, which this year with a decline of 2 Billion Dollars to 29 has reached Billions,

The same Bangladesh which received 22 Billions Dollar Remittances last year which has come down to 21 Billions Dollar this year, the worst situation is of Srilanka which received Remittances of 5.6 Billion's Dollar in last year 2021, which has come down to 3.6 Billions Dollar this year. has reached

India has reached the figure of 100 Billions Dollars with an increase of 12% in Remittances in 2022 as compared to 2021 even in adverse circumstances.

In the matter of remittances, the dependence on Arab countries has reduced.

A new era has begun, the highest percentage of India's Remittances used to be in Arab countries, United Arab Emirates, Saudi Arabia, Qatar, Bahrain etc., which this time in 2022 this tradition will end in United States, United Kingdom, East Asia. In the data of 2022, the most significant percentage of India's remittances has been made to America, in 2022, maximum remittances have been sent from America to India.

According to the World Bank, this is a structural change, because earlier low skill workers used to go to GCC countries and send remittances, and they used to have the maximum percentage, a new change is being seen, now the remittances that are coming are from European countries. High Skill Indian Worker working in countries has the highest percentage of Remittances, now high skill workers include doctors, engineers, scientists, etc. India's dependence on GCC countries has decreased in the last 2 years, whether it is about oil Or of Remittances. which is a good sign

 

What is Remittances, 

Remittances are the money that the workers of India earn money by going outside India, Europe, Gulf countries, America etc., and send it back to India, we call it Remittances.