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World Bank’s Migration and Development Brief

As per the report of the World Bank’s Migration and Development Brief, India has retained its position as the world’s top recipient of remittances (money sent back home by its nationals working abroad) in 2018.

World Bank Report on Remittances

  • Indian diaspora has sent $79 billion (approximately Rs 5.5 lakh crore) home.
  • The Remittances grew by more than 14% in India.
  • A flooding disaster in Kerala has likely boosted the financial help that migrants sent to families.
  • India received $ 62.7 billion remittances in 2016 and it was $65.3 billion in 2017.
  • India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion) and Egypt ($29 billion),
  • Remittances to low-and-middle-income countries rose 9.6% from 2017 and touched a record high of $529 billion in 2018.
  • Global remittances reached $689 billion in 2018, up from $633 billion in 2017.
  • Remittances to South Asia grew 12% to $131 billion in 2018.
  • The upsurge in remittances was driven by stronger economic conditions in the United States.
  • The pick-up in oil prices had a positive impact on outward remittances from some GCC [Gulf Cooperation Council] countries.
  • Excluding China, remittances to low and middle-income countries ($462 billion) were significantly larger than foreign direct investment flows in 2018 ($344 billion).

Gulf Cooperation Council

Gulf Cooperation Council is s a regional intergovernmental political and economic union consisting of all Arab states of the Persian Gulf except Iraq. Its member states are Bahrain, Kuwait, Oman, Qatar, Saudi Arabia, and the United Arab Emirates.

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India becomes Second Largest LPG Consumer and Importer

India is now the second largest consumer and importer of the LPG in the world. This is attributed to government initiatives to push for cleaner alternatives to traditional cooking fuels such as firewood and cow dung.

Import of LPG

The import of LPG grew by 12.5 per cent over the past five years to 12 million metric tons (13 million tons) in 2018-19. India now stands at the second position when it comes to the import of LPG surpassing Japan. India is at second place behind China. The exporters of LPG to India include Saudi Arabia, Qatar, the United Arab Emirates, Kuwait and Iran.

Consumption of LPG

The number of active LPG consumers in India has grown at a compounded annual growth rate (CAGR) of 15 per cent – from 14.8 crore in 2014-15 to 22.4 crore in 2017-18.

Increase in population combined with LPG penetration in rural areas has resulted in an average growth of 8.4 per cent in LPG consumption, making India the second largest consumer of LPG in the world at 22.5 million tonnes.

The Ministry of Petroleum and Natural Gas estimates that LPG consumption would grow to 30.3 million tonnes by 2025 and 40.6 million tonnes by 2040.

The flagship scheme of the government Pradhan Mantri Ujjwala Yojana (PMUY) has made a significant contribution towards enhancing the penetration of LPG, especially in rural areas. The renewed targets under the Pradhan Mantri Ujjwala Yojana (PMUY) aims to provide LPG connections to 8 crore households before March 31, 2020.

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