February 8, 2023
1 min read

India received $89,127mn, highest ever remittances in 2021-22

The Minister said that these bonds will be issued according to the Framework for Sovereign Green Bonds, released on November 9, 2022…reports Asian Lite News

India received foreign inward remittances of USD 89,127 million in 2021-22, which was the highest ever received in a single year, Union minister of state for finance Pankaj Chaudhary informed Parliament on Tuesday.

Pankaj Chaudhary stated this in a written reply to a question in Rajya Sabha. In 2017-18, the remittances were at USD 69,129 million, and have been rising since, the minister said, quoting RBI data.

The Minister, however, stated that country-wise data on remittance are not compiled.

However, the minister shared the data of major countries in inward remittances to India. The US, UAE, the UK, Singapore, and Saudi Arabia are the top five major countries from where India receives such payments.

Further, on the value of the rupee, the minister stated that the value of the Indian rupee is market-determined and the RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

 Sovereign Green Bonds

Sovereign Green Bonds (SGBs), amounting to Rs 16,000 crore, are proposed to be issued in the current financial year for mobilising resources for green infrastructure projects, the Parliament was told on Monday.

Rs 8,000 crore has already been raised in the first tranche of the SGBs, Minister of State for Finance Pankaj Chaudhary told the Lok Sabha in a written reply.

The Minister said that these bonds will be issued according to the Framework for Sovereign Green Bonds, released on November 9, 2022.

The resources mobilised by issuing Sovereign Green Bonds is part of the government’s overall market borrowings in year 2022-23. The proceeds will be deployed in public sector projects which help reduce the economy’s carbon intensity, the minister said. (ANI/IANS)

ALSO READ-‘Three As drive EV adoption in India’

Previous Story

Deloitte showcases whole new world at LEAP23

Next Story

Pak Minorities Panel Raps Rise In Forced Conversions In Sindh; Attacks on Ahmadiyas

Latest from Business

China Curbs Hit India’s Electronics Boom

The ICEA noted this results in delays, inefficiencies, and higher costs — alternatives from Japan or Korea cost up to four times more than Chinese machinery. India’s transformation into a global electronics

India Maps 8.52 MT Rare Earth Reserves

The Atomic Minerals Directorate for Exploration and Research (AMD) and the Geological Survey of India (GSI) are actively exploring and augmenting rare earth resources, while the GSI alone has added 482.6 million

‘India’s Digital Hub Ascends’

The event also featured discussions on the Quad Partnership for Cable Connectivity and Resilience, reiterating commitments made during the July 1 Quad Foreign Ministers’ Meeting India’s growing role as a key digital

India’s Job Market Surges

With hiring levels on the rise, compensation is expected to increase by 12-15% in metro cities and by 18-22% in emerging cities India’s festive season this year is poised to create more
Go toTop

Don't Miss

India-Maldives ties under strain

Maldivian President Muizzu once again spoke against India in his

Tata Motors to Divide Business

The demerger will be implemented through an NCLT scheme of