Do you know which country is on top to send money to India as a remittance? Over the last four decades, United Kingdom has become the most popular destination for Indian foreign workers, especially the low-skilled. According to records held by the Indian government, emigration clearances for employees going to the UK accounted for nearly 40% of all approvals released in the last two decades. In 2019, the number of Indian migrants in the United Kingdom was reported to be 2.44 million.
As the novel coronavirus Covid-19 spreads rapidly across the globe, health systems in many countries are steadily overburdened as the global economy enters an unprecedented slump. India’s growth forecast for 2020-21 has been lowered to 1.9 percent by the International Monetary Fund, down from 5.8 percent in January.
Jobs in the informal sector and those from lower socioeconomic groups have been hit especially hard as their incomes have vanished. According to the International Labour Organization, 400 million Indians are at risk of falling further into poverty due to the stoppage of money transfer to India from expatriates.
How Can Technology Be Helpful For Quick Recovery Of Loss In Remittance?
Finally, keep in mind that the gig economy and e-commerce industries and emerging technologies that can support future response and resilience structures will see increased jobs in the future. Although encouraging the growth of such markets, it is critical to ensure that data privacy and consumer rights are protected.
Decisions made today will provide instant relief while also securing a long-term economic recovery, increasing community resilience, and paving the way for long-term growth. We must not squander this opportunity. And apart from that, technology has also made online money transfer to India more quick and straightforward.
What Are The Ways To Get India To Work Again?
Fortunately for us, our agricultural backbone, which accounts for nearly 14% of our GDP, will quickly recover and even expand next year. They must, however, be backed up by logistics and storage. This year’s expected normal monsoon would aid the sector’s continued development. It is recorded that most expatriates send money to India online for investment in the country’s agriculture sector.
If the virus threat has passed, the service sector, which accounts for most of our GDP, will resume its upward trajectory. The effect of the COVID-19 pandemic cannot be underestimated, but unlike natural disasters and conflicts, the industry’s physical infrastructure has been spared. As a result, most businesses will quickly reopen with a new work culture if they have access to a skilled workforce and sufficient working capital.