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People of India, wherever they live in the world, never forget their country and family. India's economy also benefits a lot due to this diaspora. The special thing is that Indians living abroad send so much money to their country that even a small man's annual expenses can be met from it. As far as China is concerned, the dragon gets less than half the money in this way compared to India. If we talk about Pakistan, Pakistanis living abroad do not give even a quarter of the money compared to Indians. Let us try to understand that report of the World Bank, seeing which 195 countries of the world including China and Pakistan are surprised.
So much money came from foreigners in 2023!
A report released by the World Bank on Wednesday said that Indians living abroad have sent an amount of more than $ 120 billion i.e. Rs 10 lakh crore to India last year i.e. in 2023. Which is equal to about one-fourth of India's budget. That is, Indians have sent about two crore rupees to India every last minute. On the other hand, Mexico received $ 66 billion during the same period. Which is almost half compared to India.
China and Pakistan are not far ahead of India
On the other hand, such remittances in Pakistan and China are much less than in India. The amount of remittances sent to China from abroad is $50 billion. Which is less than half of India. The Philippines received remittances of $39 billion, which is one-third of India. Notably, Pakistan is one of the top 5 remittance recipients, yet their remittance of $27 billion is not even a quarter of India's.
India has gained 705 percent
According to a World Bank report, after strong growth during 2021-2022, official remittances to low and middle-income countries (LMICs) remained low in 2023, reaching $656 billion. In the case of India, remittances are projected to grow by 7.5 per cent in 2023. It was $120 billion. This explains the benefits of falling inflation and strong labor market in the US. The US is the largest destination for skilled immigrants from India. In addition, the demand for skilled and semi-skilled workers in the Gulf countries also had a positive impact on remittances.
Pakistan has suffered a loss of 12 percent
In the case of Pakistan too, foreign demand was good and remittances could have been good, but due to the weak internal situation due to balance of payments and economic crisis, it fell by 12 percent to $27 billion in 2023. When they received $30 billion in 2022. According to the World Bank, the United Arab Emirates is the second largest source of money sent by tourists to India after the US. 18 percent of the total remittances were received there.
