World-Topping $100 Billion: India first country to hit $100 billion annually in remittances
https://www.google.com/amp/s/www.tribuneindia.com/news/nation/remittances-from-overseas-indians-increased-by-12-pc-to-usd-100-billion-in-2022-nirmala-sitharaman-469178
The State Bank of Pakistan’s (SBP) foreign reserves hit $5.576 billion during the week ended December 2022.
Finance Minister Nirmala Sitharaman calls NRIs as 'real ambassadors of India'
India world’s largest remittance recipient
◆ $69.2 bn in 2015
◆ $72.7 bn in 2016
◆ $69.3 bn in 2017
◆ $79.8 bn in 2018
◆ $82.2 bn in 2019
◆ $84.9 bn in 2020
◆ $87.4 bn in 2021
◆ $100 +bn in 2022
INDIA retained its position as the world's top recipient of remittances.
World Bank report which had said India will be the first country in the world to receive $ 100 billion from remittances during 2022. Though remittances to the rest of the South Asian countries declined by 10 per cent, they rose by 12 per cent in India’s case.
■ Nirmala Sitaraman described NRIs as the“real ambassadors of India” and appealed to them to use made in India products and services as far as possible so that the country’s individual brand can be promoted across the globe.
■ With a sum of more than $100 billion, India inflows are far higher than Mexico ($60 billion), China ($51 billion), the Philippines ($38 billion), Egypt ($32 billion) and Pakistan ($29 billion).
■ India remains on track to become the world’s largest recipient of remittances. The remittances make up almost 3% of India’s GDP.
■ Skilled workers from India as well as migrant workers moved not only to low-skilled, informal employment in the Gulf Cooperation Council (GCC) countries for employment but also to high-income countries like the United States, United Kingdom and Asia-Pacific countries such as Singapore, Japan, Australia and New Zealand.
For the current year too, India’s inbound remittances will continue to rise, as the South Asia region has one of the lowest transaction costs in the world. Globally, the average cost of sending $ 200 was 6 per but it was the cheapest to send money to South Asia (4.3 per cent) and most expensive to send to Sub-Saharan Africa (7.8 per cent).
By: via Allies Fin Serve Stock Market
