Remittances to India likely to drop by 23 per cent this year: World Bank

The World Bank has said that remittances to India are likely to drop by 23 per cent from 83 billion US Dollars last year to 64 billion US Dollars this year due to the Corona virus pandemic, which has resulted in a global recession.

According to a World Bank report on the impact of the COVID-19 on migration and remittances, the remittances are projected to decline sharply by about 20 per cent this year due to the economic crisis induced by the pandemic and shutdowns due to out break of Novel Corona virus.

The projected fall, which would be the sharpest



decline in recent history, is largely due to a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment and wages during an economic crisis in a host country.

World Bank Group President David Malpass said, remittances are a vital source of income for developing countries and they help families afford food, health care and basic needs.

The Novel Corona virus has so far infected over 26,38,020 people and claimed more than 1,84,230 lives across the globe.