India’s skilled labor migrants live in rich countries like America, Britain and Singapore (file photo)
India (India) Those living outside this (expatriates) have sent money to India at a record level this year. With this, Asia’s third largest industry will get a new society. According to Bloomberg, India is the largest in the world remittance (Remittance) The money to be sent is virgin to the country. The flow of remittances in India has been 12% higher this year. According to the World Bank report published on Wednesday, remittances have increased by about $ 100 billion in India this year. Due to this, India has gone far ahead in comparison of the money coming in Mexico, China and Philippines.
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India’s skilled labor expatriates live in rich countries like the US, UK and Singapore. As per reports, this group is now sending more money to India. Over the years, Indians have shied away from low paying jobs in the Gulf countries. Salary has been received, employment has increased and caught. This reason causes inaccuracy in the remittance.
Remittances from the world’s largest diaspora are a major source of cash for India. India lost nearly $100 billion from its foreign exchange gains last year. Remittance is 3 percent of India’s total currency (Gross Domestic Product). It also helps in filling the financial statement for India.
Cash allocation to India from high-income countries reached 36% in 2020-21, World Bank pointed out in RBI documents. This is much higher than 26% in 2016-2017. Meanwhile, remittances from five Gulf countries, such as Saudi Arabia, have declined from 54% to 28%.
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