Covid 2nd wave: Remittances decline amid reverse migration
New Delhi: Remittances have been affected as migrant workers have started moving back to their villages from industrial states like Maharashtra.
With industrial states like Maharashtra imposing localised lockdown amid a rapid surge in Covid cases and apprehensions about similar curbs in Delhi-NCR, migrant workers have started moving back to their villages, affecting remittances.
Rishi Gupta, MD, Fino Payments Bank said the remittances have come down. Maharashtra is one of the biggest contributors with a 15-20% share, he said.
Reports said several migrant workers are fleeing urban centres as Covid cases rise and there are fears that a complete lockdown will leave them without jobs. They cannot even pay their rents.
There are six major corridors within India from where a large chunk of the remittances originates are Delhi, Mumbai and Gujarat are among them. On the other hand, the states of Bihar, Madhya Pradesh, Rajasthan and Uttar Pradesh are among the biggest receivers of these flows.