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
March 5,2020

Mar 5: The Karnataka government on Thursday proposed to increase rate of tax on petrol and diesel by three per cent which would make the fuel dearer by Rs 1.60 and Rs 1.59 per litre, respectively.

Presenting the 2020-21 budget in the Legislative Assembly, Chief Minister B S Yediyurappa proposed to increase rate of tax on petrol from 32 per cent to 35 per cent and diesel from 21 per cent to 24 per cent, as part of additional resource mobilisation measures.

Yediyurappa, who also holds the finance portfolio, increased excise duty on Indian Made Liquor (KML) across 18 slabs by six per cent.

However, to promote affordable housing, the government proposed to reduce stamp duty on first time registration of new apartments/flats costing less than Rs 20 lakh from existing five per cent to two per cent.

This is the first budget of the BJP government after coming to power last year; it's the seventh presented by Yediyurappa.

"For the year 2020-21, a total amount of Rs 55,732 crore is provided for stimulating economic growth sector", the Chief Minister said.

He said the revenue collection target for the Commercial Taxes department for the year 2020-21 is fixed at Rs 82,443 crore.

Stating the government had fixed a revenue target of Rs 20,950 crore for the excise department for the year 2019- 20, he said at the end of February Rs 19,701 crore had been collected.

"We hope to achieve the budget target."

He also hoped with the increase in rates and effective enforcement and regulatory measures, the Excise department would be achieving the target of Rs 22,700 crore fixed for the financial year 2020-21.

On the transport sector, Yediyurappa said it is proposed to levy motor vehicle tax on contract carriages having seating capacity to carry more than 12 passengers, but not more than 20 passengers at the rate of Rs 900 per seat per quarter.

He said it is also proposed to levy vehicle tax on new model sleeper coaches which are granted permits under section 88 (9) of MV Act 1988 at the rate of Rs 4,000 per sleeper per quarter.

Noting that a target of Rs 7,100 crore revenue collection is expected to be achieved in 2019-20 in transport sector, he said for 2020-21 revenue collection target has been fixed at Rs 7,115 crore.

He said the revenue collection target for 2019-20 under stamps and registration was fixed at Rs 11,828 crore and against this Rs 10,248 crore has been collected till the end of February 2020 which is 87 per cent of full year target.

While the revenue collection target for 2020-21 under stamps and registration is fixed at Rs 12,655 crore.

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IBTimes
June 3,2020

A pregnant elephant in Kerala ate a pineapple, which was filled with country-made bombs or dynamites. It led to a painful death as the elephant was pregnant and died standing in the Velliyar River in Palakkad in Kerala. People are venting out their anger and concerns all over social media about the gruesome incident.

Yesterday, it was reported that the pregnant elephant was killed after locals allegedly fed her a pineapple stuffed with crackers.

However, when International Business Times, India, reached out to Dr Ab Qayoom, who is an Indian Forest Service Officer, for his comments about what actually must have happened, we got to know that no one have fed the pineapple to the elephant.

Snares used for keeping animals away

Dr Qayoom stated that pineapples filled with firecrackers are used as a snare for catching wild boars. He said, "No one would have fed the pineapple to the elephant. The animal must have found it lying somewhere and must have consumed it herself not knowing what lies ahead for her."

He also stated a second possibility. He said, "Some people actually do such insane things as they consider wild animals as a threat to their property and life. Such incidents do happen at places where wild animals create problems for human beings."

Snares are often found around farms, coffee plantations

He added that wild boars often spoil crops and people use snares as a way to protect their farms and crops. This year, it was reported that the government would soon permit farmers with licensed firearms to shoot wild boars that wander into their lands. The problem is that people do not limit their snares to only wild boars and there have been several incidents when tigers, leopards and other animals have fallen prey to these haphazardly placed snares around farms, coffee farms and wildlife corridors.

Elephant kept standing in water before dying

The pregnant wild elephant originally belonged to Silent Valley National Park (SVNP), Palakkad. As the elephant died, she remained calm despite being in excruciating pain. The elephant kept standing and died at Velliyar River, Malappuram, with its trunk in the water.

The elephant was 15-years-old and was probably getting some relief as it stood in the water after her tongue and mouth exploded. Mohan Krishnan, Section Forest Officer, Nilambur, shared the sad incident on his Facebook page where he had acted as the Rapid Response Team official to rescue the elephant, which was in distress.

When a postmortem examination was carried out, it was learnt that the reason for the elephant's death was due to asphyxia where water had got into her lungs and trachea. Dr David Abraham, Assistant Forest Veterinary Officer, Thrissur, carried out the postmortem.

Dr David said, "I have so far done more than 250 postmortems of elephants alone in my more than two decades career. But this was the first time I was so moved as I could hold the foetus of the baby in my hands. Initially, none of us was aware that the elephant was pregnant. After seeing her heart, I spotted the amniotic fluid and realized that she was pregnant."

Claim reviewed :

Fact checking Palakkad elephant death

Claimed By :

Twitter, Facebook and Youtube posts.

Fact Check :

False

https://t.co/uR4p7rDUli

Comments

Peta
 - 
Thursday, 4 Jun 2020

Still killed by human, what this media want to justify the killing will be filing suit on this media soon...u will be in trouble soon.

MOHAMMED MOOLU…
 - 
Wednesday, 3 Jun 2020

A very cruel, henious and inhumen act. This culprit should be with murder and punished sevierly. 

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News Network
April 21,2020

Bengaluru, Apr 21: Karnataka cabinet on Monday decided to continue the COVID-19 lockdown measures currently in force in the state till May 3 without any relaxation, Law and Parliamentary Affairs minister J C Madhuswamy said.

However, leaving a window open, it authorised chief minister B S Yediyurappa and the COVID-19 Task Force to meet in three or four days to review and take further decision about any relaxation, he told reporters.

"Today cabinet has decided it (the norms) will be extended up to May 3... there will be no relaxation and the situation that that exists as of today will continue," he said.

Pending the cabinet decision, chief secretary T M Vijay Bhaskar had on Sunday issued fresh orders directing the continuation of the stringent lockdown measures issued by the Ministry of Home Affairs till the midnight of April 21.

Meanwhile, five new coronavirus cases have been confirmed in Karnataka, taking the total number of infections in the state to 395, the Health department said on Monday.

"Five new positive cases have been reported from last evening to this noon... Till date 395 COVID-19 positive cases have been confirmed. This includes 16 deaths and 111 discharges," the department said in its mid-day situation update.

All the five fresh cases are from Kalaburagi and contacts of patients who have already tested positive.

Four of them are men of age 17, 13, 50 and 19, and one woman aged 30.

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