ECONOMICS
TRADE EXCHANGE AND INTERDEPENDENCE
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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Driver’s license
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Person who flees a country due to war.
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Legal documents to show you own a car.
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Money that an immigrant sends back home to his family in his native country.
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Detailed explanation-1: -Remittances are funds transferred from migrants to their home country. They are the private savings of workers and families that are spent in the home country for food, clothing, and other expenditures, and which drive the home economy.
Detailed explanation-2: -When migrants send home part of their earnings in the form of either cash or goods to support their families, these transfers are known as workers’ or migrant remittances. They have been growing rapidly in the past few years and now represent the largest source of foreign income for many developing countries.
Detailed explanation-3: -Remittances to India is money transfers from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India and account for nearly 3% of India’s gross domestic product (GDP).
Detailed explanation-4: -India received highest ever foreign inward remittances in a single year of $89, 127 million in FY 2021-22. During 2021-22, India received foreign inward remittances of $89, 127 million which was the highest ever inward remittances received in a single year.
Detailed explanation-5: -There are two types of remittance: Inward Remittance and Outward Remittance.