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
January 29,2020

Mangaluru, Jan 29: Days after some youths allegedly threatened to 'behead' local MLA and former Karnataka minister U T Khader during a pro-CAA rally here, the Dakshina Kannada district unit of the Congress on Wednesday urged the police to register a case against the culprits.

A video of the incident that went viral on social media showed the youths raising slogans that they will "cut off his limbs and chop off his head if necessary" during the rally organised by the BJP in support of the Citizenship Amendment Act on Monday.

Addressing reporters here, District Congress Committee president Harish Kumar demanded that the police register a case on their own against the youths. He said if prompt action was not taken against the youths seen in the video, the Congress will launch an agitation before the office of the Commissioner of Police.

When asked by reporters about the video, Khader had on Tuesday brushed aside the threat, saying he had not taken it seriously. The MLA had also said he did not file a complaint with police as he had concern for the families of the youths.

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News Network
June 3,2020

Bengaluru, Jun 3: Lack of awareness on rail travel norms led to a tense situation on a Karnataka train as a female passenger was forced to disembark midway after her fellow passengers raised a hue and cry on seeing her knuckle stamped, mistaking it for a quarantine stamp, an official said on Tuesday.

"Many passengers on the train with the woman raised a hue and cry on seeing her stamped and complained to the TTE. She was later disembarked at Tumkur," a South Western Railway (SWR) zone official said.

The woman was travelling from Bengaluru to Belagavi as a transit passenger. Her status as such a passenger was stamped on her knuckle.

However, after some time, her fellow passengers observed her stamped hand and misunderstood that she was violating the quarantine norms.

Without realising that she was just a transit passenger who will be quarantined on reaching her destination, they created pandemonium and complained to the travelling ticket inspector.

"Following the public pressure, she was forcibly disembarked in Tumkur station," said the official.

Incidentally, the railways allows transit passengers to travel.

The official said the TTE would not have been aware of the rules and must have yielded to the passengers' pressure.

Later, the woman was allowed to board another train and reach her destination, the official said.

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News Network
July 28,2020

Hounde, Jul 28: Coronavirus and its restrictions are pushing already hungry communities over the edge, killing an estimated 10,000 more young children a month as meager farms are cut off from markets and villages are isolated from food and medical aid, the United Nations warned Monday.

In the call to action shared with The Associated Press ahead of publication, four UN agencies warned that growing malnutrition would have long-term consequences, transforming individual tragedies into a generational catastrophe.

Hunger is already stalking Haboue Solange Boue, an infant from Burkina Faso who lost half her former body weight of 5.5 pounds (2.5 kilograms) in just a month. Coronavirus restrictions closed the markets, and her family sold fewer vegetables. Her mother was too malnourished to nurse.

“My child,” Danssanin Lanizou whispered, choking back tears as she unwrapped a blanket to reveal her baby's protruding ribs.

More than 550,000 additional children each month are being struck by what is called wasting, according to the UN — malnutrition that manifests in spindly limbs and distended bellies. Over a year, that's up 6.7 million from last year's total of 47 million. Wasting and stunting can permanently damage children physically and mentally.

“The food security effects of the COVID crisis are going to reflect many years from now,” said Dr. Francesco Branca, the WHO head of nutrition. “There is going to be a societal effect.”

From Latin America to South Asia to sub-Saharan Africa, more poor families than ever are staring down a future without enough food.

In April, World Food Program head David Beasley warned that the coronavirus economy would cause global famines “of biblical proportions” this year. There are different stages of what is known as food insecurity; famine is officially declared when, along with other measures, 30% of the population suffers from wasting.

The World Food Program estimated in February that one Venezuelan in three was already going hungry, as inflation rendered salaries nearly worthless and forced millions to flee abroad. Then the virus arrived.

“Every day we receive a malnourished child,” said Dr. Francisco Nieto, who works in a hospital in the border state of Tachira.

In May, Nieto recalled, after two months of quarantine, 18-month-old twins arrived with bodies bloated from malnutrition. The children's mother was jobless and living with her own mother. She told the doctor she fed them only a simple drink made with boiled bananas.

“Not even a cracker? Some chicken?” he asked.

“Nothing,” the children's grandmother responded. By the time the doctor saw them, it was too late: One boy died eight days later.

The leaders of four international agencies — the World Health Organization, UNICEF, the World Food Program and the Food and Agriculture Organization — have called for at least dollar 2.4 billion immediately to address global hunger.

But even more than lack of money, restrictions on movement have prevented families from seeking treatment, said Victor Aguayo, the head of UNICEF's nutrition program.

“By having schools closed, by having primary health care services disrupted, by having nutritional programs dysfunctional, we are also creating harm,” Aguayo said. He cited as an example the near-global suspension of Vitamin A supplements, which are a crucial way to bolster developing immune systems.

In Afghanistan, movement restrictions prevent families from bringing their malnourished children to hospitals for food and aid just when they need it most. The Indira Gandhi hospital in the capital, Kabul, has seen only three or four malnourished children, said specialist Nematullah Amiri. Last year, there were 10 times as many.

Because the children don't come in, there's no way to know for certain the scale of the problem, but a recent study by Johns Hopkins University indicated an additional 13,000 Afghans younger than 5 could die.

Afghanistan is now in a red zone of hunger, with severe childhood malnutrition spiking from 690,000 in January to 780,000 — a 13% increase, according to UNICEF.

In Yemen, restrictions on movement have blocked aid distribution, along with the stalling of salaries and price hikes. The Arab world's poorest country is suffering further from a fall in remittances and a drop in funding from humanitarian agencies.

Yemen is now on the brink of famine, according to the Famine Early Warning Systems Network, which uses surveys, satellite data and weather mapping to pinpoint places most in need.

Some of the worst hunger still occurs in sub-Saharan Africa. In Sudan, 9.6 million people live from one meal to the next — a 65% increase from the same time last year.

Lockdowns across Sudanese provinces, as around the world, have dried up work and incomes for millions. With inflation hitting 136%, prices for basic goods have more than tripled.

“It has never been easy but now we are starving, eating grass, weeds, just plants from the earth,” said Ibrahim Youssef, director of the Kalma camp for internally displaced people in war-ravaged south Darfur.

Adam Haroun, an official in the Krinding camp in west Darfur, recorded nine deaths linked with malnutrition, otherwise a rare occurrence, over the past two months — five newborns and four older adults, he said.

Before the pandemic and lockdown, the Abdullah family ate three meals a day, sometimes with bread, or they'd add butter to porridge. Now they are down to just one meal of “millet porridge” — water mixed with grain. Zakaria Yehia Abdullah, a farmer now at Krinding, said the hunger is showing “in my children's faces.”

“I don't have the basics I need to survive,” said the 67-year-old, who who hasn't worked the fields since April. “That means the 10 people counting on me can't survive either.”

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