Author: Jo Joseph
Publisher:
Published: 2023
Total Pages: 0
ISBN-13:
DOWNLOAD EBOOK →
Migration and remittance has close relationship, it's a two sides of the coin. The migrants aim also like that in nourishment of family. However, the negative implication of the migration is the development. The recognition of migrant remittance enhanced the development of the country. So that remittance has the vital role of the country's development also migration is progressing everywhere. The flows of the remittances are increasing in the developing countries. This interest sharpened in remittance flows also development and eradicate poverty allegation in the affluent countries. Mostly, remittances considered as workers' wages in the form of sending money, gifts or donation in the country of origin. Rarely money acceptance also happens in the country of origin for the sustainability of migrants in the new country. As a part of migration, migrant aims are also be stable in the new country as well as acquire a job opportunity and earn something.Many motives are there to remit money to the country of origin. It may hold assets, family flourish, save money for the future, education of the children and complexity of different kinds of socio economic factors. Supporting family is the main aim of the migrant remittance as part of their earnings as money or goods. In the world economy, remittances are the foreign currencies in the largest sources. Remittances can be made of various ways as money transfer by financial institutions such as banks, money transfer operators as Western Union, Moneygram etc.The impact of remittances highlights its advantages and demerits. First one is the eradication of poverty in the developing countries. In International remittance worldwide India is the largest recipient, over 80 billion in 2020 and migrants are over 15 million. Internal migration remittances are also there in India. The socio economic dimensions as regional, historical and analysis of international remittances in India as focused in this study. Primary aspects of this study includes as region of sources in migration, analysis and spatial variations of migration remittances in the geographical level. The analysis includes as Census, Reserve bank of India Notes, International surveys and interviews etc.The international migration from India mainly focused to the Middle East till the end of 20th century. In this migration majority are male dominated streams and remittance affected as 17% of Indian households. Generating substantial remittance of the source region and usually directed to the urban areas of Indian suburb. Mostly the migration happens in the small town cities to big town cities or rural urban etc. After the development of technology, social platforms are very useful to the information provider of migration process, job hunting, transportation and accommodation of migrants. Gulf migration supports many households in India, the migration people builds a new face of Middle East in the modern era. Gulf remittance mainly supports the state of Kerala in India, savings remitted periodically sent to the origin country supports family, purchasing houses or land, investments, insurances, education and start a small business. Remittance service mechanism including postal money orders, bank drafts, cheques or wire transfers etc. Money transfer operators opened a new corridor of international or national remittances worldwide.Later 20th century the international migration from India to Europe, Australia, US, Canada and New Zealand drastically increased. Nonresident Indians deposit accounts significantly grown in the 20th century. Also, development is also growing every aspects of human being. Majority of migrants are healthcare professionals from Indian suburb includes doctors and nurses, engineers, skilled professionals and unskilled migrants too. The recent trends are the healthcare professionals focusing on the United Kingdom. The reason is that UK liberated the rules and regulations, deficiency of healthcare professionals in the natives of UK, English as a foreign language, basic schooling onwards Indians are studies in English etc. These benefits are favored many Indian nationality to compete with other nationality like Philippines, China, Africans etc. The authorities have employed foreign currency bonds for working Indians abroad as well as direct investment portfolios by the success of mobilizing the labor earnings through the financial account.Migration barriers of the poorest people associated with costs and risks of the remittances. All needy populations are not accessible to the remittances and the migration, the initial capital needs to migrate. Since remittances are received periodically there's a motivation to create a culture dependency within the developments. The private sectors of financial institutions are taking more interests in remittance rather than in the previous years. The private firms are competing to make customers as regular in the future then they makes many offers. Major banks are also providing best interest rates for non resident deposits. There's no doubt for closer cooperation of public and private sectors of remittance flows of sending and receiving countries, harness of potential development of the migration.
