Thank you NRIs! India retains top position in remittances with $80 billion

Agencies
December 8, 2018

Washington, Dec 8: India will retain its position as the world's top recipient of remittances this year with its diaspora sending a whopping $80 billion back home, the World Bank said in a report on Saturday.

India is followed by China ($67 billion), Mexico and the Philippines ($34 billion each) and Egypt ($26 billion), according to the global lender.

With this, India has retained its top spot on remittances, according to the latest edition of the World Bank's Migration and Development Brief.

The bank estimates that officially-recorded remittances to developing countries will increase by 10.8 per cent to reach $528 billion in 2018. This new record level follows a robust growth of 7.8 per cent in 2017.

Global remittances, which include flows to high-income countries, are projected to grow by 10.3 per cent to $689 billion, it said.

Over the last three years, India has registered a significant flow of remittances from $62.7 billion in 2016 to $65.3 billion 2017. In 2017, remittances constituted 2.7 per cent of India's GDP, it said.

The bank said remittances to South Asia are projected to increase by 13.5 per cent to $132 billion in 2018, a stronger pace than the 5.7 per cent growth seen in 2017.

The upsurge is driven by stronger economic conditions in advanced economies, particularly the US, and the increase in oil prices having a positive impact on outflows from some GCC countries such as the UAE which reported a 13 per cent growth in outflows for the first half of 2018.

Bangladesh and Pakistan both experienced strong upticks of 17.9 per cent and 6.2 per cent in 2018, respectively, the Bank said.

For 2019, it is projected that remittances growth for the region will slow to 4.3 per cent due to a moderation of growth in advanced economies, lower migration to the GCC and the benefits from the oil price spurt dissipating.

The Gulf Cooperation Council (GCC) is a regional inter-governmental political and economic bloc of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

As global growth is projected to moderate, future remittances to low- and middle-income countries are expected to grow moderately by four per cent to reach USD 549 billion in 2019. Global remittances are expected to grow 3.7 per cent to $715 billion in 2019.

The brief notes that the global average cost of sending $200 remains high at 6.9 per cent in the third quarter of 2018. Reducing remittance flows to three per cent by 2030 is a global target under Sustainable Development Goal (SDG) 10.7.

Increasing the volume of remittances is also a global goal under the proposals for raising financing for the SDGs, it said.

"Even with technological advances, remittances fees remain too high, double the SDG target of 3 per cent. Opening up markets to competition and promoting the use of low-cost technologies will ease the burden on poorer customers," said Mahmoud Mohieldin, Senior Vice President for the 2030 Development Agenda, United Nations Relations, and Partnerships at the Bank.

The average cost of remitting in South Asia was the lowest at 5.4 per cent, while Sub-Saharan Africa continued to have the highest at 9 per cent.

No solutions are yet in sight for practices that drive up costs, such as de-risking action of banks, which lead to closure of bank accounts of remittance service providers.

Another persistent factor that keeps fees high is the exclusive partnership between national post office systems and any single money transfer operator, as it allows the operator to charge higher fees to poorer customers dependent on post offices, the bank said.

"The future growth of remittances is vulnerable to lower oil prices, restrictive migration policies, and an overall moderation of economic growth.

"Remittances have a direct impact on alleviating poverty for many households, and the World Bank is well positioned to work with countries to facilitate remittance flows," said Michal Rutkowski, senior director of the social protection and jobs global practice at the World Bank.

Comments

NRI s saving Modi by not allowing GDP to fall in its worst level. Modi looting all our money for staues and Rich thieves.

Arif
 - 
Saturday, 8 Dec 2018

Proud to be a NRI. Thanks to Arab countries for saving many Indians

Hindu Rashtra …
 - 
Saturday, 8 Dec 2018

Modiji Ki Jai.. Haters wont accept Modiji's efforts. We dont care haters. He is the best PM. True dedicated humble hon. PM.

Mohan
 - 
Saturday, 8 Dec 2018

Great.. Should not show to MODI. He may cry by telling you people ignored our soldiers

Vinod
 - 
Saturday, 8 Dec 2018

Kerala economy depending NRI. They are the main contributors. Then tourism

Suresh
 - 
Saturday, 8 Dec 2018

NRIs are rocking always. They are the saviours of indian economy

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News Network
July 14,2020

Bengaluru, Jul 14: The Karnataka government on Tuesday made changes to the Land Reforms Act 1961 through an ordinance to allow non-agriculturists to buy and own farmland for farming.

“The Land Reforms Act has been amended through an ordinance and notified after Governor Vajubhai R Vala gave his assent to it on Monday night,” a Revenue Department official told media persons.

It now permits non-farmers to buy farmland and grow food crops. But they can’t use it for other activities.

“Sections 79 A, B and C of the Act have been repealed, paving way for bona fide citizens to invest in farmland and take to farming as a hobby, passion or additional occupation, which is rewarding,” the official said.

The amended Act will enable the state to attract investment in the farm sector and boost food output. The farm sector’s contribution to the state’s gross domestic product (GDP) has been less than the manufacturing and services sectors over the last two decades.

Criticism by farmers, the Congress and the JD(S) since the cabinet approved changes on June 11 forced the state government to retain section 80 of the Act, with an amendment, to prevent sale of dam water irrigated farmland.

“The ordinance has also added a new section (80A), which says relaxations under the Act will not apply to land given to farmers under the Karnataka SC and ST (Scheduled Caste and Tribe) Act 1978,” the official said.

The changes permit mortgage of farmland only to the state-run institutions, firms and cooperative societies specified in the Act. The ordinance also makes legal cases pending in courts against the sections amended redundant as the new Act addresses the concerns raised in them.

“Besides generating substantial revenue for the state government, the Act will now allow farmers who find the occupation non-remunerative and risky due to droughts/floods and labour shortage to sell their surplus land to urban buyers,” the official said.

Ruling BJP Rajya Sabha member KC Ramamurthy from Bengaluru said the amended Act would allow any citizen to buy farmland.

“Though hundreds of people petitioned successive governments for the past 45 years to abolish the ‘draconian’ sections, they were ignored. I compliment Chief Minister BS Yediyurappa and Revenue Minister R Ashoka for the decision to allow everyone to buy farmland irrespective of their occupation or profession,” Ramamurthy told media persons.

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News Network
May 11,2020

Bengaluru, May 11: Karnataka Chief Minister BS Yediyurappa on Monday inaugurated four buses that have been converted into COVID-19 testing facilities in Bengaluru.

State Deputy Chief Minister C N Ashwath Narayan, Karnataka Revenue Minister R Ashoka and Member of Parliament from Bengaluru South Tejasvi Surya were also present.

"The mobile fever clinic bus initiative was taken by Sanchit Gaurav, Founder and CEO of Housejoy, in association with the Government of Karnataka, the Karnataka State Road Transport Corporation (KSRTC), MP Tejaswi Surya, other partners, to increase the number of COVID tests across Bengaluru and win the fight against the virus," said KSRTC in a statement.

The bus is divided into two zones with beds and a consultation area, maintaining proper hygiene conditions.

The KSRTC said there will be four teams with four mobile bus clinics across Bengaluru - each team comprising of one doctor, three nurses and one lab technician with several volunteers facilitating the process.

The teams will be starting from red zones and will try to screen the maximum number of residents from these zones for symptoms and quarantine those who test positive.

"The testing process will start by providing free glucose, blood pressure test and COVID-19 symptoms consultation for all residents," KSRTC added.

If anyone showcases any COVID-19 symptoms, their swab will be collected immediately for testing by Biognosys Technologies (ICMR certified).

Further, the information will be provided to the government and place the person under quarantine.

"KSRTC has already initiated this mobile fever clinic buses with the association of the District Administration in Mysuru, Mandya, Tumkur, Mangaluru, Bagalkote, Hubli, Belagavi, Bengaluru and Raichur," it said.

According to the KSRTC on April 25, the cost of this clinic construction on a bus is Rs 50,000.

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Agencies
January 1,2020

Kanpur, Jan 1: In a seemingly bizarre development, the IIT in Kanpur has set up a panel to decide whether the poem "Hum dekhenge lazim hai ki hum bhi dekhenge", penned by Faiz Ahmad Faiz, is anti-Hindu.

The panel has been set up in response to complaints filed by a faculty member who claimed that the students, during a protest, sang this poem which was anti-Hindu.

The poem reads thus -- "Lazim hai ke hum bhi dekhenge. Jab arz-e-Khuda ke kaabe se. Sab bhut uthwaye jayenge, Hum ahl-e-safa mardood-e-harm. Masnad pe bithaye jayenge. Sab taaj uchale jaenge. Sab takht giraye jayenge. Bas naam rahega Allah ka. Hum dekhenge."

It was the last line that has turned into a bone of contention. Translated into English, it means, 'When thrones will vanish, only Allah's name will remain' -- implying the misleading translation by the professor.

The poem had been written by Faiz in reference to military dictator Zia-ul-Haq in 1979 and was against the military rule in Pakistan. Faiz had left leanings and was an atheist. He was known for his revolutionary writings that kept him in jail for several years.

It may be recalled that the IIT-Kanpur students had taken out a peaceful march on the campus on December 17 in support of the students of Jamia Millia Islamia and during the march, the students sang the Faiz poem.

According to IIT Deputy director Manindra Agarwal: "In the video, the students are seen reciting the Faiz poem which can also be perceived as being anti-Hindu.

The IIT faculty member, in his complaint, has alleged that the students made anti-India and communal statements during their demonstration in solidarity with the Jamia students.

The complaint was based on two lines of the poem, which have obviously been misinterpreted -- "When all idols will be removed, only Allah's name will remain."

The faculty member has stated that "organisers and masterminds must be identified and expelled immediately."

Fifteen other students have also signed the complaint filed by the professor against the protesting students.

Meanwhile, IIT students have said that the faculty member who lodged the complaint has been banned on a social networking site for posting communal content.

In an article published on the IIT-Kanpur student media portal, the students clarified what exactly happened on the day of protest and how their chant was given a 'communal and misleading' turn. They stated that they had recited a few lines of the Faiz poem in reference to the police crackdown on the Jamia students.

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