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 Mumbai.
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Denne historien er fra December 17, 2024-utgaven av Financial Express Mumbai.
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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Manmohan Singh's family approves site for his memorial
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Green investments may be hindered by unsold projects
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Airtel-Tata Play merger aims to challenge Jio's dominance
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Walmart Asks China Suppliers For Price Cuts
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SUC waiver likely for telcos
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Will protect interest of exporters in trade talks with US: FM
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Taxpayers Declare Foreign Assets Worth ₹29,000 Cr
Declarations Come After CBDT Rolled Out Awareness Campaign
Govt Offloads 3 MT Wheat in Market in FY25
The government's market intervention through the sale of surplus wheat stock in the open market for the current fiscal has come to an end, with the Food Corporation of India (FCI) offloading 3 million tonnes (MT) of the grain.
Made-in-India GPUs in 3-4 yrs
Country will be among top 5 tech nations: Vaishnaw
