India has largest diaspora population in world: UN

January 14, 2016

United Nations, Jan 14: India's diaspora population is the largest in the world with 16 million people from India living outside their country in 2015, according to a latest UN survey on international migrant trends.

diasporaThe survey conducted by the UN Department of Economic and Social Affairs (DESA) said the number of international migrants - persons living in a country other than where they were born - reached 244 million in 2015 for the world as a whole, a 41 per cent increase compared to 2000.

The 2015 Revision, nearly two thirds of international migrants live in Europe (76 million) or Asia (75 million), according to the Trends in International Migrant Stock.

"The rise in the number of international migrants reflects the increasing importance of international migration, which has become an integral part of our economies and societies," said Wu Hongbo, UN Under-Secretary-General for Economic and Social Affairs.

"Well-managed migration brings important benefits to countries of origin and destination, as well as to migrants and their families," Hongbo added.

India has the largest diaspora in the world, followed by Mexico and Russia. In 2015, 16 million people from India were living outside of their country, a growth from 6.7 million in 1990, the survey stated.

Mexico's diaspora population stood at 12 million.Other countries with large diasporas included Russia, China, Bangladesh, Pakistan and Ukraine.

Of the twenty countries with the largest number of international migrants living abroad, 11 were in Asia, 6 in Europe, and one each in Africa, Latin America and the Caribbean and Northern America, the survey said.

This figure includes almost 20 million refugees.

The survey further said that in 2015, two thirds of all international migrants were living in only 20 countries, starting with the US, which hosted 19 per cent of all migrants at 46.6 million, followed by Germany, Russia, Saudi Arabia, the United Kingdom, and the United Arab Emirates.

India ranked 12th out of these 20 countries, hosting 5.2 million migrants in 2015, a drop from 7.5 million in 1990.

The UN data shows that the number of international migrants has grown faster than the world's population.

As a result, the share of migrants in the global population reached 3.3 per cent in 2015, up from 2.8 per cent in 2000.

Two out of three international migrants in 2015 lived in Europe or Asia, the survey said, adding that nearly half of all international migrants worldwide were born in Asia.

Among major regions of the world, Northern America hosts the third largest number of international migrants, followed by Africa, Latin America and the Caribbean and Oceania.

Between 2000 and 2015, Asia added more international migrants than any other major region, or a total of 26 million additional migrants.

The 2030 Agenda for Sustainable Development, adopted by world leaders last September at the United Nations, stresses the multidimensional reality of migration.

The Agenda calls on countries to implement planned and well-managed migration policies, eradicate human trafficking, respect the labour rights of migrant workers and reduce the transaction costs of migrant remittances.

The Agenda also highlights the vulnerability of migrants, refugees and IDPs and emphasises that forced displacement and related humanitarian crises threaten to reverse much of the development progress made in recent decades.

UN Deputy Secretary-General Jan Eliasson said migrants need to be protected.

"We need to take greater responsibility for protecting the lives of many thousands of migrants – men, women and children – who are compelled to undertake dangerous and sometimes fatal journeys," Eliasson said.

"Those forced to flee should never be denied safe haven or rescue. Migrants, as all people, deserve protection and empathy," Eliasson added.

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News Network
March 21,2020

Mar 21: India’s economy, already in the grip of a slowdown, is in for more pain after Prime Minister Narendra Modi appealed to citizens to stay at and work from home to curb the coronavirus outbreak.

The services sector, which accounts for about 55% of India’s gross domestic product, is poised to be the worst hit after Modi, in a late evening address on Thursday, urged citizens to go on a self-imposed curfew for a day and private companies to allow employees to work from home for longer. In the country’s vast informal sector, social-distancing measures could mean a dent to productivity and consumption because of job or pay losses.

“The impact of a partial lock-down or social distancing will be significant,” said Rahul Bajoria, a senior economist at Barclays Plc in Mumbai. “If there’s a widespread community outbreak, GDP could fall as low as 3.5% in the year starting April 1.”

Shrinking output may limit growth in an economy that’s already set to expand at an 11-year low of 5% in the current year to March 31. Before the virus outbreak, India had forecast growth to recover to 6%-6.5% in the next fiscal year. S&P Global Ratings and Fitch Ratings have already slashed their growth forecast by 50 basis points.

“The current social-distancing measures will severely impact airlines, hotels, malls, multiplexes, restaurants and retailers,” according to analysts at Crisil Ltd., the local unit of S&P Global. “Lower footfalls and occupancies, decline in business volume and sub-optimal operating efficiencies will impact cash flows of companies in these sectors,” wrote the analysts led by Chief Economist Dharmakirti Joshi.

The government will try to announce a relief package for virus-affected sectors as early as possible, Finance Minister Nirmala Sitharaman said Friday.

In a televised address, Modi advised all citizens to stay at home for a day on March 22, as he sought to stem the spread of the coronavirus -- cases of which are relatively low in India at about 200, compared with more than 200,000 infected people globally. His government also barred incoming flights for a week from that day, joining a growing list of countries effectively sealing their borders.

What Bloomberg’s Economists Say

We had only earlier this week lowered our GDP outlook to consider the direct impact of the local outbreak as confirmed virus cases exceeded 100 as of March 15 and the federal and state governments announced social distancing measures that have already started to crimp economic activity. We are now revising down our GDP estimate for 4Q fiscal 2020 to 3.3%, from our 3.5%.

-- Abhishek Gupta, India economist

For more, click here

“Consumption being the biggest component of GDP, a lock-down is bound to have a big impact on the economy,” said Devendra Kumar Pant, chief economist at India Ratings and Research, the local unit of Fitch. “Modeling uncertainty in any system will be very difficult, but one can say the slowdown could deepen or prolong further.”

Work From Home

While companies, including billionaire Mukesh Ambani-controlled Reliance Industries Ltd., are asking employees to work from home, the option isn’t feasible in India’s vast informal sector.

“The option to work remotely simply won’t exist for most,” said Shilan Shah, an economist with Capital Economics Pte. in Singapore.

As many households don’t have savings buffers, the government would probably have to back this up with large-scale cash handouts that reach the poorest, he said.

Work from home is posing implementation challenges for the manufacturing sector where workers are required to be physically present at the production sites. The services sector, such as banking and information technology, also needs employees to be present in offices as confidential data is used, according to industry group Federation of Indian Chambers of Commerce and Industry.

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News Network
June 11,2020

New Delhi, Jun 11: Petrol and diesel prices on Thursday were hiked by 60 paise per litre each - the fifth straight daily increase in rates since oil PSUs ended an 82-day hiatus in rate revision.

Petrol price in Delhi was hiked to Rs 74 per litre from Rs 73.40 while diesel rates were increased to Rs 72.22 a litre from Rs 71.62, according to a price notification of state oil marketing companies.

Rates have been increased across the country and vary from state to state depending on the incidence of local sales tax or VAT.

This is the fifth daily increase in rates in a row since oil companies on Sunday restarted revising prices in line with costs, after ending an 82-day hiatus.

In five hikes, petrol price has gone up by Rs 2.74 per litre and diesel by Rs 2.83.

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News Network
May 10,2020

New Delhi, May 10: India's COVID-19 count crossed 60 thousand on Sunday, with Maharashtra being the worst-affected due to the infection so far, according to the Union Ministry of Health and Family Welfare.

The number of total confirmed cases in the country rose to 62,939, including 19,358 patients who have been cured and discharged or migrated, according to the Ministry.

The total number of active cases in the country, therefore, stands at 41,472.

The number of deaths in the country due to the infection reached 2,109 on Sunday.

While Maharashtra, with 20,228 cases is the worst-affected state, it is followed by Gujarat with 7,796 and the national capital, Delhi, with 6,542 cases. Tamil Nadu, is marginally behind Delhi with 6,535 cases.

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