India Current Affairs

India highest recipient of Remittances in 2017: World Bank

According to recently released Migration and Development Brief by World Bank, India has retained top position as recipient of remittances with about $69 billion in 2017. India was followed by China ($64 billion), Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion) and Egypt ($20 billion).

Key Highlights of Migration and Development Brief

Global remittances: It grew 7% to US $613 billion in 2017, from US $573 billion in 2016. Global remittances are expected to grow 4.6% to $642 billion in 2018. It include flows to high-income countries. The stronger-than-expected recovery in remittances was driven by growth in Europe, Russia and US.

The rebound in global remittances was due to higher oil prices and strengthening of Euro and Ruble. The upsurge is likely to continue into 2018 on back of stronger economic conditions in advanced economies (particularly US) and increase in oil prices that may have positive impact on GCC (Gulf Cooperation Council) countries.

Low-and middle-income countries: Remittances received by these countries in 2017 has reached US $466 billion in 2017. This was an increase of 8.5% over US $429 billion in 2016. India received $69 billion remittances in 2017 as against $62.7 billion in 2016. It had picked up sharply by 9.9%, reversing previous year’s dip (8.9% in 2016), but was still short of $70.4 billion received in 2014.

Remittances to South Asia: It grew a moderate 5.8% to US $117 billion in 2017 and it will likely grow modestly by 2.5% to $120 billion in 2018. Flows to Pakistan (received US $20 billion) and Bangladesh (US $13 billion) were both largely flat in 2017, while Sri Lanka saw small decline (-0.9%).

Global average cost: The of sending $200 was 7.1% in Q1 of 2018, more than twice as high as Sustainable Development Goal (SDG) target of 3%. Sub-Saharan Africa remained most expensive place to send money to, where the average cost is 9.4%.

Transit migration: The transit migrants-who only stay temporarily in transit country, are usually not able to send money home.  Migration may help migrants to escape poverty or persecution, but many also become vulnerable to exploitation by human smugglers during transit. Host communities in transit countries may find their own poor population competing with new-comers for low-skill jobs.

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Commonwealth Cyber Declaration adopted by Commonwealth countries

The Commonwealth countries at the end of Commonwealth Heads of Government Meeting (CHOGM) in London have adopted Commonwealth Cyber Declaration to take action on cybersecurity by 2020. The declaration is considered as world’s largest and most geographically diverse inter-governmental commitment on cybersecurity cooperation.

Key Facts

Under this declaration leaders of 53 commonwealth countries agreed to work closely to evaluate and strengthen their cybersecurity frameworks and response mechanisms. It also aims to tackle criminal groups and hostile state actors who pose a global threat to cybersecurity.

The declaration sets out common vision for ensuring internet remains free and open across Commonwealth. It commits members to raise national levels of cyber security and increased cooperation to counter those who seek to undermine our values, security, even integrity of elections.

The funding under it will support Commonwealth partners to prevent and respond to cyber security risks affecting governments, businesses and citizens.  It will enable low and middle income Commonwealth members to carry out national cyber security capacity reviews before next CHOGM in 2020. It will underpin projects across Commonwealth to provide technical assistance, training and advice to address wide range of cyber security and cybercrime threats.

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