Consider the following statements Remittances: 1. Private Remittances...
- Private Remittances: the net outcome of the money which inflows and outflows on account of the 'private transfers' by Indian nationals working outside of India (to India) and the foreign nationals working in India (to their home countries).
- On this front India has always been a gainer- till the early 1990s from the Gulf region (which fell afterwards in the wake of the heavy country-bound movements of Indians working there due to the Gulf War) and afterwards from the USA and other European nations.
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Consider the following statements Remittances: 1. Private Remittances...
Remittances
Private Remittances is the net outcome of the money which inflows and outflows on account of the 'private transfers' by Indian nationals working outside of India and the foreign nationals working in India. On this front, India has always been a gainer. Both these statements are correct.
Explanation:
Remittances are the transfer of money by a foreign worker to an individual in their home country. Private Remittances is the net outcome of the money which inflows and outflows on account of the 'private transfers' by Indian nationals working outside of India and the foreign nationals working in India. Private transfers can be related to various purposes, including family maintenance, education, investment, and so on.
India has always been a gainer in terms of remittances. Remittances play a crucial role in the Indian economy as they contribute to the country's foreign exchange reserves, reduce the balance of payment deficit, and provide a source of income for households. India is the world's largest recipient of remittances, with the World Bank estimating that India received around $83 billion in remittances in 2020.
Therefore, both the statements are correct, and the correct answer is option 'D' - Neither 1 nor 2.
Consider the following statements Remittances: 1. Private Remittances...
How first statement will be wrong...
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