CASE STUDY - India remittances Flashcards
1
Q
What are remittances?
A
Any money sent by a foreign worker to a person in their home country.
2
Q
State the value of remittances received by India in 2020.
A
$83 billion US dollars
3
Q
Why are remittances beneficial to India’s economy?
A
- Help to keep foreign reserves stable at the macro level
- Help the Indian rupee maintain its value against the US dollar
- Positively impacts recipient families, entrepreneurship, education and overall economic development.
4
Q
What are inward remittances?
A
Funds sent from Indian expats living abroad to family and friends in India.
5
Q
What are outward remittances?
A
Funds sent overseas by Indian residents for specific purposes.
