Write a short note on "Foreign remittance",

Foreign Remittance

Foreign remittance refers to the money sent by citizens working abroad to their home country. It is an important source of national income for many developing countries. People who work overseas send money to support their families and relatives and to meet household expenses.

Foreign remittance plays a vital role in the economic development of a country. It increases foreign exchange reserves, helps reduce poverty, and improves the standard of living of many families. Remittance money is often used for education, healthcare, housing, and small businesses. It also contributes to national savings and investment.

However, excessive dependence on foreign remittance may create economic imbalance. Therefore, proper utilization of remittance and skill development of migrant workers are essential to ensure sustainable economic growth.