REMITTANCES TO INDIA CROSS $100 BILLION: WHAT DOES IT MEAN FOR INTERNATIONAL STUDENTS?
Introduction
Remittances are an important source of revenue for low- and middle-income countries. It's also a great method to make money in foreign currencies.
India received $89,127 million in international inward remittances in 2021-22, the highest sum ever received in a single year. In 2022, India keeps being the biggest recipient of remittances from its foreigners. What's more incredible this year is that the total has crossed $100 billion! According to a World Bank report issued on Wednesday, this is the first time that a single country has received $100 billion in a single year. According to the estimation, remittances to India, which account for more than 60% of the region's inflows, are likely to grow by only 0.2% in 2023.
Why Have Remittances To India Risen Drastically?
According to World Bank report data, remittances have increased as Indian migrants' main work destination has changed from Gulf countries to the developed world. The United States (US) has eclipsed the United Arab Emirates (UAE) as India's top remittance source.
Remittances from the United States (US), the United Kingdom (UK), and Singapore climbed from 26 to 36 percent between 2016 and 2021, whereas figures from Gulf Cooperation Council (GCC) countries declined by half, from 54 to 28 percent.
Tech workers in the US and the UK appear to outnumber conventional blue-collar workers in the Gulf. As a result, the World Bank statistics reflects this demographic transition.
It is clearly visible that the percentage of Remittances has been increased year by year. Check out the below table for details.
| Year | Inward Remittances(US $ million) |
|---|---|
|
2017-18 |
69,129 |
|
2018-19 |
76,396 |
|
2019-20 |
83,195 |
|
2020-21 |
80,185 |
|
2021-22 |
89,127 |
Source: RBI
USA has stood as the top country from where India received the highest number of Inward Remittances, which is approximately 28%. And the survey has revealed that, major part of the remittances is sent by highly skilled professionals who have settled abroad. It has increased the demand for top skills abroad and it can be the best time to plan Studying Abroad and Settle Overseas. Reach our Expert counselors who can guide you in choosing careers, countries, universities, visa programs and more.
Frequently Asked Questions
The common notion is that foreign universities are expensive, although with scholarships this is an exaggerated issue. What many fail to consider are time and effort. Studying in an Indian college leads to a lower average salary than earned by our western counterparts. This salary sets the tone for all future promotions since companies often look at your previous salaries during compensation appraisals. Additionally, most senior positions tend to be scooped up by individuals who have an international outlook through global exposure. Finally, studying in a foreign country is an incredible learning experience helping students get a better academic as well as soft skill development.
Canada has been one of the market leaders in education for decades. However, what currently sets Maple Country apart is immigration. Canada is wholeheartedly inviting students to study in their universities to fill job vacancies that are always growing in the country. Students who study in Canada (especially a Master’s Degree) are practically assured of a Permanent Residency Visa.
A good score doesn’t automatically qualify a candidate for a scholarship, however, it is one of the primary factors that the admissions department looks for in a scholarship application. There are other attributes such as a candidate’s academics, extra-curricular, financial background, and application essays (SOPs).
We get this question a lot. Many candidates know which career path they want to take, but are at a loss for how to take that journey. Understanding the job role and the industry that you want to get into is the first step to picking the right university.
Carefully consider the immigration options of the country that the university that you are considering is in. This is more important when you intend to stay back in the country after the completion of your course.
Also, review the placement history of the university as well.
The first step is to list your preferences. By listing your preferences and strengths, describe your course of preference. Extensive research on the modules, software and its length for your preferred subject is necessary.
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