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.
Denne historien er fra December 17, 2024-utgaven av Financial Express Kolkata.
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Denne historien er fra December 17, 2024-utgaven av Financial Express Kolkata.
Start din 7-dagers gratis prøveperiode på Magzter GOLD for å få tilgang til tusenvis av utvalgte premiumhistorier og 9000+ magasiner og aviser.
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Markets slump over 1%
● Investors' wealth down ₹4.92 lakh cr
EPFO weighs higher equity investments
● Labour ministry panel to look at ways to raise exposure
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IIT-Madras to offer fine arts, culture courses
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Not even 2% work-linked higher education courses yet: Report
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The world's busiest airline routes in 2024 are largely in Asia
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Indian firms use euro, yen swaps
ECB president Christine Lagarde hinted at a bigger 50 basis point rate cut to buffer the euro zone economy
SME IPOs fetch rich returns in Dec
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EPFO weighs higher equity investments
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KYC masking to go live on Jan 20
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