Corona crisis: Indians settled abroad are not able to send enough money to their families in the countryJuly 3, 2020
Most people have lost their jobs due to Corona epidemic
Remittances means the money sent by employees working in other country to their country. According to the information of the World Bank, due to corona there has been a decrease of about 20 percent in remittances worldwide this year.
Remittance decreased by Rs 7 lakh crore
According to the report, in the year 2019, about 40 lakh crore rupees were sent from one country to another in the world. A large number of people have lost jobs due to Corona this year. Which has a direct effect on remittances. This year, the remittance is expected to fall by 20 percent to about Rs 33 lakh crore. This means that it has decreased by Rs 7 lakh crore.
Indians living in Gulf countries send most remittances
People all over the world go from one country to another in search of employment and send a little money to their home from there, which makes their home run. This amount is called remittances. Indians living in Gulf countries send the most remittances. Apart from this, people working in developed countries like America, Britain, Australia and Canada send money to their families in India. About 75 percent of foreign workers who send money from other countries to their country as remittances are used for essential commodities like food and drink. 10 percent education and the remaining 15 percent are used as savings.
Estimation of 23 percent reduction in remittances in India this year
In India, remotes have been affected by corona. According to the World Bank report, there is a 23 percent reduction in remittances in India this year. Like India, the remotence of other countries of the world has also affected Corona. South Asia is projected to decrease by 27.5 percent. It is estimated to decrease by 23 percent in Pakistan, 19 percent in Nepal, 14 percent in Sri Lanka and about 22 percent in Bangladesh.
India at number one among countries receiving remittances
Foreign workers worldwide earn around 222 lakh crore rupees, 15 percent of which they send to their homes. According to the UN report, most travelers to India work in the Gulf countries, of which 90 percent are less or slightly more skilled. Most people have lost their jobs due to the Corona epidemic.
India ranks number one among countries receiving remittances. Lack of remittances will affect people’s lives and due to this, poverty, hunger, crime, human trafficking, prostitution are expected to increase. Most people who send remittances belong to poor families. Without getting remittances, the economic condition of these families would deteriorate and they would be forced to walk the wrong path.