
IN A WORLD where economic and social ties transcend borders, cross-border payments are the backbone of international trade and global finance. For India, which receives the most remittances, these transactions are crucial to the country's economic fabric. In 2023, India received $120 billion in foreign remittances, with over 20% coming from the US and 18% from the UAE, per World Bank data.
Beyond personal remittances, payments also include services provided by Indian professionals and business remittances. However, beneath the impressive figures lies a somewhat inadequate payment infrastructure, marked by slow processing times due to intermediaries and high transaction costs. To maintain competitiveness in the global market, India must address these challenges through regulatory reform and innovation.
More to cross-border payments In FY24, India's IT exports welcomed $199 billion, while foreign domestic investments (FDIs) into India totalled $70.95 billion, per data from India Brand Equity Foundation. These figures underscore the need for an efficient payment infrastructure that can support growing cross-border transactions. Outbound payments also face challenges, from regulatory hurdles to inconsistent infrastructure, which must be addressed to enhance the country's global competitiveness and digital growth.
Diese Geschichte stammt aus der December 17, 2024-Ausgabe von Financial Express Kolkata.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent ? Anmelden
Diese Geschichte stammt aus der December 17, 2024-Ausgabe von Financial Express Kolkata.
Starten Sie Ihre 7-tägige kostenlose Testversion von Magzter GOLD, um auf Tausende kuratierte Premium-Storys sowie über 8.000 Zeitschriften und Zeitungen zuzugreifen.
Bereits Abonnent? Anmelden
BluSmart Targets to Turn Profitable in 5-6 Quarters
EV CAB AGGREGATOR BluSmart is likely to turn profitable in the next five to six quarters, according to the guidance given by its management recently to a group of investors.
Indices fall on tariff concerns; VIX jumps
SHARES ENDED LOWER on Monday, with the broader market seeing sharper cuts, as concerns over US tariffs and the ongoing market decline kept investors on edge.
Fitch Downgrades Adani Energy Arm
FITCH RATINGS HAS downgraded the outlook for Adani Energy Solutions (AESL) to negative on concerns that US investigations could reveal its governance weakness and affect financial stability.
Data find clues to hidden water-ice on the moon
Chandrayaan-3 Data Findings
India Adds 25.2 GW Solar Power in 2024
India added 25.2 gigawatts (GW) of solar power capacity in the calendar year 2024, significantly higher than the 8.3 GW installed in 2023, a recent report by Mercom on the solar market showed.
Minimalist's expansion plans to pick up pace post HUL merger
Company to expand global footprint; new plant in Jaipur soon
Pakistan Holds Key Rate for First Time in a Year
PAKISTAN UNEXPECTEDLY HELD its benchmark rate for the first time in almost a year, with policymakers flagging risks to inflation from global trade disruptions and volatile food prices.
Sun to buy Checkpoint for $355 mn
THE DEAL WILL be made through an upfront cash payment of $4.10 per common share, a premium of about 66% to Checkpoint's last close on Friday, Sun Pharma said in an exchange filing.
Icra pegs CV sector growth at 3-5%
Upswing In Sight
Finmin mulls raising deposit insurance limit
The Deposit Insurance and Credit Guarantee Corporation (DICGC) may raise the deposit insurance limit beyond the existing ₹5 lakh, considering its financial position and the overall stability of the country's banking system, finance minister Nirmala Sitharaman informed Parliament on Monday.