look news india
Mumbai: There will be a fifty percent decrease in the growth of remittances in the country in 2024 as compared to 2023. According to a World Bank report, there was a 7.50 percent increase in remittances in 2023, which can be seen up to 3.70 percent in 2024.
The report said that outflows from the Gulf Cooperation Council (GCC) will remain low as a result of low crude oil prices and production cuts. In 2023, remittances were estimated at $120 billion, which is expected to rise slightly to $124 billion in 2024 and $129 billion in 2025.
India's efforts to connect major remittance countries like the United Arab Emirates (UAE) and Singapore to its Unified Payment Interface (UPI) service will reduce costs and speed up remittances.
India topped the list of countries receiving remittances last year. Mexico was second after India with $66 billion last year. China was third with $50 billion. Due to the diversity of workers going abroad to work, the amount of remittances in the country may be balanced.
A large portion of the skilled workforce is employed in high-income Organisation for Economic Co-operation and Development (OECD) countries, while the less-skilled workforce is employed in GCC markets.
India has benefited from remittances due to the free trade agreement with the United Arab Emirates. The UAE's share in total remittances has been 18 per cent, which is the second largest remittance after the US.
