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
April 29,2020

Lucknow, Apr 29: Tablighi Jamaat members, who got cured of COVID-19, have been asked by their organisation to donate their plasma for treatment of other coronavirus-infected patients, a move that the outfit thinks will help it shed its “villain” tag.

"Maulana Saad, in an open letter on April 21 to all Jamaatis who have recovered from the coronavirus (infection), has appealed them to donate their plasma to help others. The message has reached all the members," Maulana Anees Ahmad Nadvi, the manager of Tablighi Jamaat’s Lucknow branch, told PTI PTI on Wednesday.

"As per the Health Department data, over 50 per cent of corona patients are Jamaatis. Among them those who have recovered are being contacted and all of them are ready to donate their plasma," claimed Nadvi.

"We have till now contacted 400 Jamaatis. In the entire country, those who have recovered are also giving their plasma. Markaz has given instructions that no one should be left from donating plasma," he said. "Jamaatis are not doing any favour to anyone by giving their plasma.

This is a humanitarian step. This is true that Jamaatis are being presented as villains after coronavirus spread, but Maulana Saad has asked us to forgive those doing this," he said. Tablighi Jamaat leader Maulana Saad Kandhalvi is on the run after an FIR was registered against him by the Delhi police for organising a religious gathering in March this year despite restrictions to combat the coronavirus spread.

With some plasma therapy trial results rekindling hopes of it being a likely cure for COVID-19, the Uttar Pradesh government too had begun contracting patients cured of it for plasma donation, but the move was suspended after the Union Health Ministry on Tuesday said the therapy was only at an experimental stage and there was no evidence yet to support that it can be used as treatment for COVID-19.

Uttar Pradesh Surveillance Officer, Dr Vikasendu Agarwal, said all those who have recovered from coronavirus, including Jamaatis, were being contacted for plasma donation, but the move has been suspended after the Centre’s statement on the issue.

Refusing to divulge the number of cured Jamaatis, he said "We were contacting them. They are not different from us. We were contacting all our patients and asking them that they could donate if they find it appropriate, as it would help other patients." "All of those contacted by us are ready for giving plasma," he said.

Chief Medical Officer, Lucknow, Dr Narendra Agarwal said all 28 Jamaatis, who were admitted in KGMU were contacted to donate their plasma and all of them agreed. "A proposal in this regard has been sent to the government.

After approval, their plasma will be taken," he said. With the plasma therapy gaining a lot of traction as a possible cure for coronavirus, the Union Health Ministry on Tuesday clarified that it is at an experimental stage and there is no evidence yet to support that it can be used as treatment for COVID-19. Till the effectiveness of this mode of treatment is scientifically proven, its application except for research and clinical trial is illegal, Joint Secretary in the Ministry of Health Lav Agarwal said.

Dr Vikasendu said after the Centre's clarification contacting people for plasma donation has been put on hold. A further step will be taken on decision of KGMU which is working on plasma therapy here, he added.

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News Network
January 7,2020

Bengaluru/Ballari, Jan 7: Former minister BZ Zameer Ahmed Khan of the Congress set a one-week deadline for the BJP government on Monday to arrest Ballari City BJP legislator G Somashekhara Reddy for his recent speech warning Muslims of dire consequences if they continue to protest against the Citizenship (Amendment) Act.

Police have already booked Reddy, younger brother of tainted mining baron G Janardhan Reddy, under section 153-A (promoting enmity between different groups on grounds of religion) of the Indian Penal Code.

However, Khan took the fight to Reddy a step further. “If the government fails to arrest Reddy by January 13, I will stage a dharna outside his house in Ballari, come what may. Let them do whatever they want,” Khan told reporters in Bengaluru.

In his speech at a pro-CAA rally organized by BJP workers and ABVP activists in Ballari, the BJP legislator had said, “We [Hindus] are 83% and they [Muslims] are 17% and if we take law into hands, you know what will happen.”

Khan said on Monday, “I challenge Reddy, the coward, to unsheathe his sword and cut me down first. It is absolutely shameful for a legislator to speak such things against a particular community. Why is Prime Minister Narendra Modi, who often says Sabka Saath, Sabka Vikas, silent?”

On his part, Reddy on Monday said he stood by what he said. “What I meant was you Muslims should not get swayed by CAA protests and damage public property. We [Hindus] are sons of the same mother and live peacefully. However, they [Muslims] should not test our [Hindu] patience. I stick by my words 100%,” he said.

A delegation of the Ballari district Congress unit also submitted an appeal to the deputy commissioner, inspector general of police and superintendent of police on Monday to arrest Reddy for his provocative speech.

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News Network
May 5,2020

Bengaluru, May 5: The movement of migrant labourers from Karnataka to other states has stopped temporarily, as few North Indian states are yet to give consent.

Revenue Minister R Ashok said that the state government will convince labourers to stay back and ensure free food supply at their camps. "Even if we allow them to travel, they will be quarantined for 14 days as soon as they reach their native states.

The labourers don't know about this and some states have not yet given permission for their return," Revenue Minister R Ashok said.

According to sources in CMO, the decision to convince the workers to stay back came after several major projects - both government and private - were affected by the mass migration of labourers to their native districts and states.

Ashok, along with S Suresh Kumar, Primary and Secondary Education minister and head of the group of ministers focusing on migrant workers, also visited labourers who had gathered demanding that they be allowed to return.

Chief Minister BS Yediyurappa will chair a meeting tomorrow and instruct builders under CREDAI to pay pending wages of labourers, provide food supply and ensure their safety, Ashok said, adding that all construction work by BBMP will also be taken up to help the labourers.

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