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India received highest ever foreign inward remittances in FY 2021-22
India received foreign inward remittances of USD 89,127 million which was the highest ever received in a single year.
Inward remittances, the transfer of money to India from abroad, are a significant source to boost the country's economy and it has been constantly rising disclosed the Union Minister of State in Finance, Pankaj Chaudhary.
Replying to a question during the ongoing Budget session in the Rajya Sabha, the Minister quoted the Reserve Bank of India (RBI) data which reveals that in fiscal year (FY) 2021-22, India received foreign inward remittances worth USD 89,127 million, the highest ever in a single year.
As per the shared figures, during the FY 2017-18, India added  USD 69,129 million to its coffers from inward remittances followed by USD 76,396 in FY 2018-19; USD 83,195 million in FY 2019-20; USD 80,185 million in FY 2020-21 and USD 89,127 million in the fiscal year 2021-22.
The Minister, however, informed that the country-wise data on remittance were not compiled but based on a survey conducted by the RBI for 2020-21 through Authorized Dealers (ADs) the United States topped the countries sending remittances to India.
The US contribution is at the top with 23.4 per cent, UAE stands second with 18 per cent followed by the UK with 6.9 per cent, Singapore with 5.7 per cent and Saudi Arabia with 5.1 per cent.
The Minister further stated in his reply 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.
The first glimmers toward ending a near-record long federal government shutdown were seen in the U.S. Capitol on Nov. 3, as leading Senate Republicans and Democrats talked of a possible "off-ramp" to the disruption.
For 34 days, a standoff between Congress and President Donald Trump has shuttered a range of federal programs including those that provide aid for low-income Americans, U.S. soldiers' paychecks and airport operations.
A new fiscal year began on Oct. 1 with no legislation enacted to fund these activities. Thousands of federal workers have now been furloughed, and the battle has hung up around $1.7 trillion in discretionary funds that account for about one-third of total U.S. spending annually.
ALSO READ: 42 million Americans will lose food assistance in November amid government shutdown
"I’m optimistic," Senate Majority Leader John Thune, a Republican, told reporters when asked about prospects for ending the government shutdown that has many federal employees performing their jobs without paychecks.
Asked if he was confident of ending the shutdown, Thune, of South Dakota, hedged, saying: "Don’t push it."
The comment was a small but significant change in tone. Democrats have linked government funding to extending a U.S. health insurance subsidy that is on the verge of expiring.
Low-income families are seeing their food stamp benefits expire or only partially funded.
"Based on, sort of, my gut of how these things operate, I think we're getting close to an off-ramp here," Thune said.
The No. 2 Senate Democrat, Dick Durbin of Illinois said, "I sense that, too." But he quickly added: "We're still stuck with this premise of what we're going to do about healthcare costs."
Senate Appropriations Committee Chair Susan Collins of Maine told reporters that progress was made with Democrats offering specific language to break the impasse and staffs from both parties laboring over the weekend. "It just feels better this week," she said.
Nonetheless, Collins admonished: "It could all fall apart again. And I don't mean to imply there's an agreement."
Meanwhile, a bipartisan handful of House of Representatives moderates floated a compromise plan.
Axios reported a group of four House centrists, three Republicans and one Democrat, offered a plan to extend the expanded Affordable Care Act tax credit for two years, but with new caps on people whose income is at the upper end of qualifying.
Since Oct. 1, groups of Senate Republicans and Democrats have held sporadic private meetings to look at ways to resolve the gridlock that has consumed Washington but so far have been unable to get to the finish line.
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