India received $89,127mn, highest ever remittances in 2021-22

The Minister said that these bonds will be issued according to the Framework for Sovereign Green Bonds, released on November 9, 2022…reports Asian Lite News

India received foreign inward remittances of USD 89,127 million in 2021-22, which was the highest ever received in a single year, Union minister of state for finance Pankaj Chaudhary informed Parliament on Tuesday.

Pankaj Chaudhary stated this in a written reply to a question in Rajya Sabha. In 2017-18, the remittances were at USD 69,129 million, and have been rising since, the minister said, quoting RBI data.

The Minister, however, stated that country-wise data on remittance are not compiled.

However, the minister shared the data of major countries in inward remittances to India. The US, UAE, the UK, Singapore, and Saudi Arabia are the top five major countries from where India receives such payments.

Further, on the value of the rupee, the minister stated that the value of the Indian rupee is market-determined and the RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

 Sovereign Green Bonds

Sovereign Green Bonds (SGBs), amounting to Rs 16,000 crore, are proposed to be issued in the current financial year for mobilising resources for green infrastructure projects, the Parliament was told on Monday.

Rs 8,000 crore has already been raised in the first tranche of the SGBs, Minister of State for Finance Pankaj Chaudhary told the Lok Sabha in a written reply.

India may sell sovereign green bonds for the second year starting 1 April to fund investments in solar, wind and hydro and other projects that mitigate the impact of carbon emissions.

(@narayan_subhash & @riturajbaruah1 reports)https://t.co/vwmzy4jPNF

— Mint (@livemint) February 7, 2023

The Minister said that these bonds will be issued according to the Framework for Sovereign Green Bonds, released on November 9, 2022.

The resources mobilised by issuing Sovereign Green Bonds is part of the government’s overall market borrowings in year 2022-23. The proceeds will be deployed in public sector projects which help reduce the economy’s carbon intensity, the minister said. (ANI/IANS)

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