Remittances have jumped and stood at $1.64 billion in the first 21 days in July in the new fiscal year 2022-23. It is good to note that the country's remittance inflows witnessed a solid start in the new fiscal year 2022-23. Experts apprehend that the number of remittances will exceed $2 billion at the end of the month.
Reportedly, the remittance inflows stood at $21.03 billion in FY22, a decrease of 15 percent over the previous fiscal, However, due to the high demand for dollars in the market, banks are providing more cash incentives to bring in remittances to the country which pushed the remittances up.
If we can send more skilled workers to new and
potential destinations, the remittance flow will
increase manifold in the future
As a consequence of the government’s various endeavours, the tempo of the country’s remittance inflow has remarkably progressed over the last years. Remittance is perceived to be a driving force for fostering a country’s economic growth. Apart from reducing poverty remittance helps us start new jobs by providing capital. Needless to say, if we can send more skilled workers to new and potential destinations, the remittance flow will increase manifold in the future.
Remittance inflow to the country is touching new heights every passing year despite multifarious limitations and challenges. But it is dissatisfying to note that larger portion of the remittance comes only from ten countries; hence, more stress on finding new work destinations should be given in due time. In this regard, we need to encourage more European countries to take our workers. And in order to do that, we must ensure that they are skilled and have basic knowledge about foreign languages as well as adaptation abilities. Also we must ensure proper training for foreign jobseekers before sending them abroad.
There is a huge demand for skilled workers like computer operators, graphics designers and medical equipment operators in European countries. Therefore, focus should be given on the need for grooming and employing skilled hands and diligent personnel abroad. Also, there is a need to facilitate the banking system for migrant workers so that they can easily send home their hard-earned money.
