Inward Remittances: Kerala, Maharashtra and Karnataka receive the maximum; MP is a lower rung State

Lalit Shastri

Kerala, Maharashtra, Karnataka and Tamil Nadu together received 58.7 per cent of total inward remittances in 2016-17.

The central Indian State of Madhya Pradesh, being ruled continuously by the BJP for last 15 years, is ranked 15th in terms State-wise share in Inward Remittances during 2016-17.

Madhya Pradesh Chief Minister Shivraj Singh Chouhan takes credit and keeps shouting from rooftops that MP has witnessed tremendous progress and has shed the BIMARU tag – the word BIMARU means sick in Hindi and represents a cluster of States including Bihar, Madhya Pradesh, Rajasthan and Uttar Pradesh – the four Hindi speaking states that are considered the most backward states in the country.

When it comes to State-wise share in Inward Remittances, Madhya Pradesh’s share at 0.4 per cent is even less than Bihar (1.3 per cent), Uttar Pradesh (3.1 per cent) and Rajastan (1.2 per cent).

In sharp contrast, the share of Kerala is at the top of the chart with a share of 19.0 per cent, Maharashtra is second with a share of 16.7 per cent, followed by Karnataka with 15 per cent share in total remittances.

 State-wise Share in Inward Remittances
Per cent
Destination State Share in total remittances
Kerala 19.0
Maharashtra 16.7
Karnataka 15.0
Tamil Nadu 8.0
Delhi 5.9
Andhra Pradesh 4.0
Uttar Pradesh 3.1
West Bengal 2.7
Gujarat 2.1
Punjab 1.7
Bihar 1.3
Rajasthan 1.2
Goa 0.8
Haryana 0.8
Madhya Pradesh 0.4
Orissa 0.4
Jharkhand 0.3
Uttaranchal 0.2
Puducherry 0.2
Chandigarh 0.2
Jammu and Kashmir 0.2
Assam 0.1
Himachal Pradesh 0.1
Chhattisgarh 0.1
Others 15.5
Total 100.0
Note: “Others” also includes those remittances for which banks could not identify the specific destination and therefore covered such transactions under “Others”.

The Reserve Bank today released the results of its survey on India’s inward remittances in 2016-17, the fourth in the series. The third round of the survey was published in December 2013.

Eighty-two per cent of the total remittances received by India originated from eight countries, viz., the United Arab Emirates, the United States, Saudi Arabia, Qatar, Kuwait, Oman, the United Kingdom and Malaysia.

Remittances to India were mostly routed through private sector banks (74.2 per cent), followed by public sector banks (17.3 per cent) and foreign banks (8.5 per cent)

More than half of remittances received by Indian residents were used for family maintenance, i.e., consumption (59.2 per cent), followed by deposits in banks (20 per cent) and investments in landed property and shares (8.3 per cent).

Earlier in April this year, the World Bank released its Migration and Development Brief announcing that remittances to low-and middle-income countries rebounded to a record level in 2017 after two consecutive years of decline.

According to the World Bank, remittance inflows improved in all regions and the top remittance recipients were India with $69 billion, followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion), and Egypt ($20 billion).

The latest figures on inward remittances and transfers made by the NRIs, especially the percentage share vis-a-vis the destination States is an indicator of the degree of human development, which obviously differs from State to State. What is a matter of serious concern is that the lower rung States also have highly unequal levels of development and poor human development index that presents a picture of poverty, grossly unequal levels between the rich and the poor, lopsided equity distribution for the purpose of building the economic infrastructure, which is so essential for improving the quality of life of the people across the board.

Our inward remittances are the highest in the world and this speaks volumes of the Indian workforce, professionals, and scientists, including the highly skilled IT personnel working overseas. The States commanding a good share in remittances have reason to rejoice but it is time for leaders at the helm in States struggling at the bottom to look inward and do some self-introspection.

Khangchendzonga included in the World Network of Biosphere Reserves

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New Delhi/Gangtok/Palembang (Indonesia): The Khangchendzonga Biosphere Reserve has become the 11th Biosphere Reserve from India to be included in the UNESCO designated World Network of Biosphere Reserves (WNBR).

The decision to include Khangchendzonga Biosphere Reserve in WNBR was taken at the 30th Session of International Coordinating Council (ICC) of Man and Biosphere (MAB) Programme of UNESCO held at Palembang, Indonesia, from July 23-27, 2018. India has 18 Biosphere Reserves and with the inclusion of Khangchendzonga, the number of internationally designated WNBR has become 11, with 7 Biosphere Reserves being domestic Biosphere Reserves.

Khangchendzonga Biosphere Reserve in Sikkim is one of the highest ecosystems in the world, reaching elevations of 1, 220 metres above sea-level. It includes a range of ecolines , varying from sub-tropic to Arctic, as well as natural forests in different biomes, that support an immensely rich diversity of forest types and habitats.

The core area of the Biosphere Reserve is a major transboundary Wildlife Protected Area. The southern and central landscape, which makes up 86% of the core area, is situated in the Greater Himalayas. The northern part of the area accounts for 14% is characterized by trans-Himalayan features. Buffer zones are being developed to promote eco-tourism activities. Plantation and soil conservation work is also being carried out.

The core zone – Khangchendzonga National Park was designated a World Heritage Site in 2016 under the ‘mixed’ category. Many of the mountains, peaks, lakes, caves, rocks, Stupas (shrines) and hot springs function as pilgrimage sites. Over 118 species of the large number of medicinal plants found in Dzongu Valley in north Sikkim are of ethno-medical utility. The transition zone is targeted for eco-development activities, afforestation, plantation of medicinal herbs and soil conservation measures.

Gurumurthy nominated to RBI Central Board

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Mumbai: The Central Government has nominated Swaminathan Gurumurthy and Satish Kashinath Marathe as directors of the Central Board of the Reserve Bank of India for a period of four years with effect from August 7, 2018 or until further orders.’

These nominations have been done under the powers conferred by clause (c) of the sub-section (1) of Section 8 of the Reserve Bank of India Act, 1934.

Gurumurthy is the co-convenor of the Swadeshi Jagaran Manch, formed in 1991. It deals with economic issues, promotes self-reliance and is affiliated to the Rshtriya Swayam Sevak Sangh (RSS).