Remittance is perceived to be a driving force for fostering a country’s economic growth. As a consequence of the government’s various endeavours, the tempo of the country’s remittance inflow has remarkably progressed over the last years.
It is encouraging to note that the country’s remittances increased to $1.13 billion during 1-19 May against the previous month. On an average about $59.43 million came every day in May while $56.05 million came every day in April. It needs to be mentioned that remittances witnessed a rising growth to stand at $17.72 billion in July-April this fiscal year 2022-23, up $409.52 million or 2.37 percent over the corresponding period of previous fiscal.
It needs no emphasising that the incumbent government has taken a number of initiatives in the last few years to increase the flow of remittances. Workers have been encouraged to send remittances through proper banking channels which helped increasing the flow of remittances by sending more skilled workers.
Also, the surge in remittance inflow is attributed to cash incentives, the central bank's awareness campaign, and recent measures taken to tighten the grip on illegal channelling of remittances or hundi business, to augment remittance inflow through the formal channel.
If we can send more skilled
workers to new and potential
destinations, the remittance
flow will increase manifold
in the future
Apart from reducing poverty remittance helps us start new jobs by providing capital. Needless to say, if we can send more skilled workers to new and potential destinations, the remittance flow will increase manifold in the future.
Remittance inflow to the country is touching new heights every passing year despite multifarious limitations and challenges. But it is dissatisfying to note that larger portion of the remittance comes only from ten countries; hence, more stress on finding new work destinations should be given in due time.
There is a huge demand for skilled workers like computer operators, graphics designers and medical equipment operators in European countries. Therefore, focus should be given on the need for grooming and employing skilled hands and diligent personnel abroad.
We need to encourage more European countries to take our workers. And in order to do that, we must ensure that they are skilled and have basic knowledge about foreign languages as well as adaptation abilities.
We must ensure proper training for foreign jobseekers before sending them abroad. Last but not the least, there is a need to facilitate the banking system for migrant workers so that they can easily send home their hard-earned money.