Image for representational functions solely.
According to the United Nations’ newest World Migration Report, India was the very best recipient of remittances from overseas at $111 billion in 2022. Its remittance receipts have been approach forward of its carefully ranked friends Mexico ($61.1 billion), China ($51 billion), Philippines ($38.05 billion) and France ($30.04 billion).
The report enumerated that with a “very large” variety of migrant employees from the subregion, South Asia receives “some of the largest inflows of remittances globally.” It additional acknowledged, “India is also the origin of the largest number of international migrants in the world (nearly 18 million), with large diasporas living in countries such the United Arab Emirates (UAE), US and Saudi Arabia,” including, “Pakistan and Bangladesh, which were the sixth and eighth largest international remittance recipients in 2022 (about $30 billion and $21.5 billion respectively) also have a significant portion of their populations living abroad as migrant workers, especially in Gulf Cooperation Council (GCC) states.”
Importantly, the biennially revealed report mentions that whereas remittances stay a “lifeline” for many individuals within the subregion, migrant employees from the talked about nations in South Asia proceed to face a “myriads of risks, including financial exploitation, excessive financial debt due to migration costs, xenophobia and workplace abuses.”
India’s remittance receipts greater than doubled since 2015
According to the report, India is the primary to achieve and even surpass the $ 100 billion mark. Its receipts from 2010 until 2022 have extra then doubled. In 2010, the nation obtained $53.48 billion, $68.91 billion in 2015 and $83.15 billion in 2020, as per the report.
Overall, worldwide remittances have recovered from the dip in 2020 as a result of COVID-19 pandemic. Migrants despatched an estimated $831 billion in worldwide remittances globally in 2022. This marked an roughly 5% improve since 2021, when it stood at $791 billion, and roughly 16% from $717 billion in 2020. The report additional highlighted that remittance receipts to low- and middle-income nations elevated 8% between 2021 and 2022— from $599 billion to $647 billion.
“Since the mid-1990s, international remittances have greatly surpassed official development assistance levels defined as government aid designed to promote the economic development and welfare of developing countries; they have also recently overtaken foreign direct investment,” it talked about.
GCC nations amongst important locations for migrant employees
According to the report, Gulf states stay important locations for migrant employees from all over the world. The 2022 FIFA World Cup additional underscored the significance of migrant labour to the subregion, in addition to placing a highlight on rights violations. Most of the migrants in GCC are from India, Egypt, Bangladesh, Ethiopia and Kenya. They are engaged in sectors akin to development, hospitality, safety, home work and retail.
Several nations within the GCC are among the many largest sources of remittances globally, as per the report. Saudia Arabia, Kuwait and Qatar had remittance outflows of about $39 billion, $18 billion and $12 billion respectively in 2022.
Gendered dimension in migrant workforce
According to the report, India had a barely greater share of feminine immigrants than males. Countries with a considerably excessive proportion of male emigrants embrace India, Bangladesh and Pakistan.
From an Asian perspective, the distribution of feminine and male migrants within the prime 10 nations of vacation spot and origin is far more variable in comparison with Africa. “In the top destination countries, Gulf countries — including the United Arab Emirates, Saudi Arabia and Kuwait – have a far greater share of male than female immigrants. Malaysia is the only non-Gulf country where the proportion of male migrants is significantly higher than that of females,” the report noticed.
Source: www.thehindu.com
