Streamlining Remittances: A Boost for Economy and Migrant Workers

Congress urges focus on reducing time and costs for internal remittances as well as those from abroad. RBI Governor's call highlights USD 124 billion in remittances as crucial external financing. Internal remittance data is lacking, with evidence suggesting significant amounts flow outside formal channels.

The Congress has made a strong case for focusing on reducing the time and cost associated with internal remittances, echoing sentiments expressed by RBI Governor Shaktikanta Das regarding international remittances.

Jairam Ramesh, Congress general secretary, highlighted the importance of boosting internal remittances to support migrant workers sending funds across states within India. He emphasized the need for systematic data collection on internal remittance flows.

Governor Das pointed out that India's remittances from abroad are projected to reach USD 124 billion, underscoring their significance to the country's economy. He argued for reducing the cost and time of such transactions, which are vital for developing economies like India.

(With inputs from agencies.)