Indian Diaspora Current Affairs - 2020

June 16: International Day of Family Remittances

Every year, the International Day of Family Remittances is observed on June 16 by the United Nations. The day is observed all over the world. This year the day is celebrated under the theme

Theme: Remittances are a lifeline

Highlights

The day is celebrated to recognize the efforts of migrants living abroad and help improve the lives of their family members in their home countries.

The first International Day of Family Remittances was celebrated in 2015. The day encourages the public sector and private sector countries to make policies for the betterment of migrants and encourage remittances.

What is Remittance?

The transfer of money by a foreign worker to his or her family in their home country is called remittance. It is highly important as it is one of the largest financial inflows for the developing countries

Remittances of India

According to the World Bank, the remittances of India are expected to fall by 23% in 2020 due to COVID-19 crisis. The remittances of India were 83 billion USD in 2019. Around 17.5 million Indians are living abroad. Majority of them are in the gulf region, US, Western Europe and Canada.

World Remittances

The World Bank has projected that the global remittances for the year 2020 is to reduce to around 20% due to COVID-19 crisis. According to World Bank, the remittances are to fall to 445 billion USD this year as compared to 554 billion USD in 2019.

Task Force Meet: India and Norway to strengthen their BLUE ECONOMY PARTNERSHIP

In January 2019, India and Norway jointly inaugurated a Task Force of Blue Economy for Sustainable Development. The third meet of the task force was held on February 18, 2020.

They also launched a new collaboration of Integrated Ocean Management and Research at the meet.

Highlights

India and Norway have been strengthening their ties making Indo-Norwegian Ocean Cooperation as a key pillar in their bilateral relationship. The task force aims at mobilizing stakeholders of India and Norway at the highest level to ensure progress across ministries and agencies.

Significance

India being the largest democracy plays a major role in sustainable development both globally and regionally. Also, 15% of Indian population residing in Norway are in the coastal region. Above all, 70% of the Norwegian Economy depends on maritime industry of the country.

The task force was set up at the India Norway Business Summit.

India Norway Business Summit

The Summit was held in New Delhi in January 2019 during the visit of Norwegian PM to India. Around 15 MoUs were signed at the summit. It includes sustainable sea food production, smart grids, energy markets, green shipping, digital solutions, etc. Green shipping is use of LNG.