2020 remittances to India from UAE in steep 17% drop on job losses, repatriation: World Bank

Kochi: Kerala has been hit hard by the drop in remittances from the Gulf countries from where about 1.2 million workers returned to the state due to the COVID-19-driven layoffs, according to the World Bank. Overall, though, the total remittances from Indian workers abroad was $8.3 billion in 2020 – a drop of only 0.2 per cent from the previous year.

###

India’s remittances from the UAE recorded a steep decline of 17 per cent, but it was offset by resilient flows from the US and other countries. India remains the world’s top recipient of remittances in total value, a status it reached in 2008.

###

However, remittances to India are nowhere near the top when it comes to their share of the gross domestic product (GDP). Remittances make up a far more important share of the GDP for smaller countries like Lebanon.

###

Read More

  • NRIs hit ‘collective pause’ on jewellery as India’s COVID-19 cases spiral and gold shoots to $1,820

  • Remittance flows by region: Where they rose and fell during COVID-19

###

Deep impact on fund flows

###

The exodus of foreign workers from the Gulf last year hit Kerala hard. The World Bank said that in “Kerala, an estimated 1.2 million migrant workers, out of more than 4 million who worked in the GCC countries and contributed 30 per cent of the state’s income, returned in 2020 after the global pandemic left them jobless.”

###

In that state the monthly remittances to families receiving them fell on average by $267, the brief said. The brief listed the US as the largest source of remittances, followed by the UAE, Saudi Arabia, and Russia.

Click Here: France football tracksuit

Leave A Comment

Leave a Reply

Your email address will not be published. Required fields are marked *