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United Nations considers remittance as a connection between migration and economic development for remittance-receiving Countries. In 2018, remittances received by Thirty Countries altogether summed up to 10% of their GDP. It is interesting how even smaller remittance amounts like a couple of hundred dollars sent back home gives a fillip to the local economy.
The UN formed sustainable Development Goals in 2015. It is a universal encouragement target aimed at ending poverty and bringing peace and prosperity to the planet. There are some goals or targets everyone needs to achieve.
UN development agency helped implement these goals by focusing on root connections in some 170 countries and territories. UN agency is planning to reach the targets by 2030. They have set 17 sustainable goals. Some of the notable goals are:
Decent work and economic growth,
Clean water and sanitation,
Remittances play an essential role in the development of a country, especially in times of crisis. As stated by the International Fund for Agricultural Department, almost 800 million people worldwide depend on inward remittance money.
A steady flow of money received through remittance allow people to take more significant steps towards a better lifestyle. Remittance enables families to choose a dignified lifestyle with access to education, health care and other necessary luxuries. Therefore, the role of remittance on SDG at the household level is vital in removing poverty. Analysis has revealed that about Seventy-One developing countries exhibited a notable reduction in poverty as a positive effect of remittance.
The additional income from remittance allows the family to enrol their kids in school, irrespective of their gender. Furthermore, Women migrant workers incorporate half of the remittance senders, around 100 million in total. Interestingly, statistics reveal that Women remit more or less the same amount of money as men. They usually tend to send a higher proportion of their income back home consistently.
Migrants send money back home so that their kids can access quality education and a better future. Remittance receiving households can invest about one-tenth of their income educating their children. Thanks to this remittance, the rate of enrolment and attendance in school is going up.
A significant impact of remittance is the reduced probability of child labour participation.
In rural countries, most of the remittances spending happens on agricultural expenses. This investment increases domestic food production and provides sufficient nutrition to children and the elderly. Furthermore, this inflow of remittances on agricultural activities generates more employment opportunities.
Migrants or their families often involve themselves in neighbourhood organisational practices. This participation creates social capital and funds to address local needs. These groups also consist of authority that prioritises community welfare and the primary needs of the society. The immediate needs include the provision of irrigation, clean water, infrastructure, and other sanitation needs. Local community projects may involve sterile energy techniques and solutions, especially for remote areas.
Money collected by remittance-receiving families and migrant's savings in host countries helps to improve financial resources available in the economy. Besides, migrant workers possess enormous knowledge, skills and networks. Hence, they can be considered assets. Migrants' investment in small or medium enterprises initiates suitable employments and income in local communities.
Above mentioned are a few of the most significant consequences of remittance on sustainable development growth (SDG). There is a direct contribution of remittances in achieving SDGs. Remittances directly or indirectly assist various government policies, financial involvements, and market regulations.
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Prerana has completed her graduation in Media Science from NSHM Knowledge Campus, Kolkata. She has more than two years of experience in content writing. Alongside, she has a passion for research in the marketing industry.
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