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
May 30,2020

Chamrajnagar, May 30: Karnataka Cabinet Minister Ramesh Jarakiholi said on Friday that over22 Congress MLAs were in touch with him and he can bring five of them.

"More than 22 Congress MLAs are in contact with me and if the high commands wants, I can bring five of them tomorrow," Jarakiholi told reporters.

Replying on speculation that some MLAs in BJP are not happy and want to join the Congress, he said, "Congress is a sinking boat and nobody wants to go to Congress now."

Meanwhile, sources in BJP have said that some party leaders are not happy including Basangouda Ramangouda Patil Yatnal.

Basvanagowda Patil said earlier this week that "BS Yediyurappa is not his CM, he is the CM of Karnataka. My leaders are Narendra Modi and JP Nadda."

The sources also said that other close aides of Yeddyurappa like Umesh Katti and Murugesh Nirani are no longer happy with him as they are yet to be included in the state cabinet.

The sources said Nirani has stood with Yeddyurappa but has not been included in the cabinet. There is speculation that several MLAs are in touch with Nirani.

Sources said Nirani, Umesh Katti, Basvanagowda Patil and several other leaders held a meeting in an undisclosed location.

Congress leader DK Suresh said the Congress has no role in the developments in BJP. "Yeddyurappa government will be brought down by their own MLAs. Congress has no role in it," he said.

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Agencies
May 8,2020

Washington D.C., May 8: The prime time for brain development in a child's life is the first year, where the infant spends most of the time asleep. It is the time when neural connections form and sensory memories are encoded.

However, when sleep is disrupted, as occurs more often among children with autism, brain development may be affected, too.

New research led by the University of Washington finds that sleep problems in a baby's first 12 months may not only precede an autism diagnosis but also may be associated with altered growth trajectory in a key part of the brain, the hippocampus.

The study, which was published in the American Journal of Psychiatry, researchers report that in a sample of more than 400 taken of 6- to 12-month-old infants, those who were later diagnosed with autism were more likely to have had difficulty falling asleep.

It also states that this sleep difficulty was associated with altered growth trajectories in the hippocampus.

"The hippocampus is critical for learning and memory, and changes in the size of the hippocampus have been associated with poor sleep in adults and older children.

As many as 80 per cent of the children with autism spectrum disorder have sleep problems," said Annette Estes, director of the UW Autism Center and senior author of the study.

"In our clinical experience, parents have a lot of concerns about their children's sleep, and in our work on early autism intervention, we observed that sleep problems were holding children and families back," added Estes, who is also a UW professor of speech and hearing sciences.

"It could be that altered sleep is part-and-parcel of autism for some children. One clue is that behavioural interventions to improve sleep don't work for all children with autism, even when their parents are doing everything just right. This suggests that there may be a biological component to sleep problems for some children with autism," said Estes.

To consider links among sleep, brain development, and autism, researchers at the IBIS Network looked at MRI scans of 432 infants, surveyed parents about sleep patterns, and measured cognitive functioning using a standardized assessment.

At the outset of the study, infants were classified according to their risk for developing autism: Those who were at higher risk of developing autism -- about two-thirds of the study sample -- had an older sibling who had already been diagnosed.

Infant siblings of children with autism have a 20 per cent chance of developing autism spectrum disorder -- a much higher risk than children in the general population.

In the current study, 127 of the 432 infants were identified as "low risk" at the time the MRI scans were taken because they had no family history of autism.

They later evaluated all the participants at 24 months of age to determine whether they had developed autism. Of the roughly 300 children originally considered "high familial risk," 71 were diagnosed with autism spectrum disorder at that age.

Problems with sleep were more common among the infants later diagnosed with an autism spectrum disorder, as were larger hippocampi. No other subcortical brain structures were affected, including the amygdala, which is responsible for certain emotions and aspects of memory, or the thalamus, a signal transmitter from the spinal cord to the cerebral cortex.

The authors note that while parents reported more sleep difficulties among infants who developed autism compared to those who did not, the differences were very subtle and only observed when looking at group averages across hundreds of infants.

Sleep patterns in the first years of life change rapidly as infants transition from sleeping around the clock to a more adult-like sleep/wake cycle. Until further research is completed, Estes said, it is not possible to interpret challenges with sleep as an early sign of increased risk for autism.

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News Network
March 8,2020

Udupi, Mar 8: The 75-year old man who was admitted to Udupi District Hospital over suspected Corona Virus infection has tested negative on Saturday.

The reports from Bengaluru Medical College’s laboratory where the samples of the person were sent, confirmed that the aged person was not infected with Corona Virus.

The report was submitted to the District Administration by the laboratory that confirmed that the person was not infected by the viral Corona Virus.

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