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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Ram Puniyani
March 8,2020

They say ‘history repeats itself first as a tragedy and then as a farce’. In case of India, communal violence not only keeps repeating itself, the pattern of the tragedy keeps changing every next time. Some features of the violence are constant, but they are under the wraps mostly. The same can be said about the Delhi violence (February 2020). The interpretations, the causative factors are very discernible, but those who are generally the perpetrators have a knack of shifting the blame on the victim community or those who stand for the victims.

As the carnage began presumably in the aftermath of statement of Kapil Mishra of BJP, which was given in front of a top police official, in which he threatened to get the roads emptied. The roots of violence were sown earlier. The interpretations given by the Hindu Nationalist camp is that the riot is due to the changing demographic profile of the area with Muslims increasing in number in those areas, and coming up of Shaheen Bagh which was presented was like ‘Mini Pakistan’. As per them the policies of BJP in matters of triple talaq, Article 370 and CAA, NPR, NRC has unnerved the ‘radical’ elements and so this violence.

As such before coming to the observations of the activists and scholars of communal violence in India, we can in brief say that violence, in which nearly 46 people have died, include one from police and another from intelligence. Majority victims are Muslims. The violence started right under the nose of the police and the ruling party. From the videos and other eye accounts, police not only looked the other way around, at places it assisted those attacking the innocent victims and burning and looting selective shops. Home minister, Amit Shah, was nowhere on the scene. For first three days the rioters had free run. After the paramilitary force was brought in; the violence simmered and slowly reduced in intensity. The state AAP Government, which in a way is the byproduct of RSS supported Anna Hazare movement, was busy reading Hanuman Chalisa and praying at Rajghat with eyes closed to the mayhem going in parts of Delhi.

Communal violence is the sore point of Indian society. It did begin during colonial period due to British policy of ‘Divide and Rule’. At root cause was the communal view of looking at history and pro active British acts to sow the seeds of Hindu-Muslim divide. At other level the administrative and police the British were fairly neutral. On one hand was the national movement, uniting the people and creating and strengthening the fraternal feeling among all Indians. On the other were Muslim Communalists (Muslim League) and Hindu Communalists (Hindu Mahasabha, RSS) who assisted the British goal of ‘divide and rule’ promoting hatred between the communities. After partition the first major change was the change in attitude of police and administration which started tilting against Muslims. Major studies by Dr. Asghar Ali Engineer, Paul Brass and Omar Khalidi demonstrated that anti Muslim bias is discernible in during and after the riots.

Now the partisan role of police has been visible all through. Sri Krishna Commission report brought forth this fact; as did the research of the Ex DIG of UP police Dr. V.N.Rai. Dr. Rai’s studies also concluded that no communal violence can go on beyond 24 hours unless state administration is complicit in the carnage. In one of the violence, investigation of which was done by concerned Citizen’s team (Dhule, 2013) this author observed that police itself went on to undertake the rampage against Muslims and Muslim properties.

General observation about riots is that violence sounds to be spontaneous, as the Home Minister is pointing out, but as such it is well planned act. Again the violence is orchestrated in such a way that it seems Muslims have begun the riots. Who casts the First stone? To this scholars point out that the carnage is so organized that the encircled community is forced to throw the first stone. At places the pretext is made that ‘they’ (minorities) have thrown the first stone.

The pretexts against minorities are propagated, in Gujarat violence Godhra train burning, in Kandhamal the murder of Swami Laxamannand and now Shaheen bagh! The Hindu Muslim violence began as riots. But it is no more a riot, two sides are not involved. It is plain and simple anti Minority violence, in which some from the majority are also the victims.

This violence is possible as the ‘Hate against this minority’ is now more or less structural. The deeper Hate against Muslims and partly against Christians; has been cultivated since long and Hindu nationalist politics, right from its Shakhas to the social media have been put to use for spreading Hatred. The prevalent deeper hate has been supplanted this time by multiple utterances from BJP leaders, Modi (Can be recognized by clothes), Shah (press EVM machine button so hard that current is felt in Shaheen Bagh), Anurag Thakur (Goli (bullet) Maro) Yogi Aditya Nath (If Boli (Words)Do not work Goli will) and Parvesh Varma (They will be out to rape).

The incidental observation of the whole tragedy is the coming to surface of true colors of AAP, which not only kept mum as the carnage was peaking but also went on to praise the role of police in the whole episode. With Delhi carnage “Goli Maro” seems to be becoming the central slogan of Hindu nationalists. Delhi’s this violence has been the first one in which those getting killed are more due to bullets than by swords or knifes! Leader’s slogans do not go in vain! Courts the protectors of our Constitution seem to be of little help as if one of them like Murlidhar Rao gives the verdict to file against hate mongers, he is immediately transferred.

And lastly let’s recall the academic study of Yale University. It concludes; BJP gains in electoral strength after every riot’. In India the grip of communalism is increasing frighteningly. Efforts are needed to combat Hate and Hate mongers.

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News Network
January 21,2020

Bengaluru, Jan 21: A massive protest against the Citizenship Amendment Act (CAA), National Register of Citizens (NRC), and National Population Register (NPR) was witnessed at Shivajinagar's Chandni Chowk area on Tuesday.

Scores of people came together carrying national flags and placards to register their protest in the city.

Speaking to ANI, a protester said, "People of all religious community have assembled here in Chandni Chowk to protest against CAA, NRC, and NPR. We the people of India are against this law."

Terming the law as anti-constitutional, he said that we support all the states who oppose the CAA. We demand the revocation of CAA and the government should remove conditions in NPR which lead to NRC.

CAA grants citizenship to Hindu, Sikh, Jain, Parsi, Buddhist and Christian communities fleeing religious persecution from Pakistan, Afghanistan, and Bangladesh and who came to India on or before December 31, 2014.

Comments

Danny
 - 
Tuesday, 21 Jan 2020

What if the Caa was implemented by congress which was earlier planned by dr mnmohan singh and even Gandhiji said this that minorities of Pak amd Bangladesh can come india. Go check facts. Domt trust ur whstapp knowledge. 

abdulla
 - 
Tuesday, 21 Jan 2020

Unfortunately Hitler brother is our HM who is deaf, dumb and blind.   He has shit in his brain.   He is unfit to be called as human being.  He is thinking that he has no death.   I am sure that he will meet a miserable end. 

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News Network
June 4,2020

Bengaluru, Jun 4: Leader of Opposition in Karnataka Siddaramaiah on Thursday said it was not appropriate to reopen schools for two more months, given the current rate at which coronavirus infection is spreading.

He also advised Chief Minister B S Yediyurappa and Primary and Secondary Education Minister Suresh Kumar not to take any hasty decisions in this regard.

"As corona infection is spreading in the state beyond limits, it is not appropriate to open schools for at least two more months. Chief Minister and Suresh Kumar should not make any hasty decisions," Siddaramaiah tweeted.

Stating that Suresh Kumar has placed a proposal to reopen schools in July, he said the chief minister has to take note of worried parents opposing this proposal.

"There are reports about students getting infected by coronavirus after reopening of schools in countries like Britain, France and Italy. It is appropriate to think about reopening schools on analysing the situation after two months," he said in another tweet.

The state government has sought an opinion from parents and stakeholders regarding reopening of schools in the state, with the easing of the COVID-19 lockdown norms.

Amidst worries and concerns expressed by parents across the state, the Education Minister on Wednesday had assured that the government would not take any hasty decisions regarding reopening of schools.

The Union government, in its recent guidelines, had asked state governments to hold consultation at school, college, training and coaching institutions-level with parents and other stakeholders, and based on the feedback, a decision on reopening them would be taken.

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