Nepal received Rs. 879 Billion remittances in the Fiscal Year 2075/76. This amount is 16.5% higher than remittance of Fiscal Year 2074/75 which totaled Rs. 755 Billion. In the First 4 months of Fiscal Year 2076/77, the amount net Rs.304.97 Billion which is 2.3% less than the amount in the same period in Fiscal Year 2075/76. GDP of Country is Rs. 3464 Billion which means that contribution of Remittance on GDP is 25.4%.
Remittances in last 5 Years
Remittance Breakdown in Fiscal Year 2075/76
|Particulars||Amount (Rs. in Billion)|
|A. Net Remittance from India||128.4|
|B. Remittance from other Countries||750.8|
As our Neighbor India is huge contributor of remittance,i.e 14.62% of net remittance of 2075/76, economic growth rate of India hugely affects the remittance of our Country. It was 13.06% and 13.38% out of total remittance in the year 2073/74 and 2074/75 respectively.
Top 5 Country wise Remittance in First 4 months of 2076/77
|Countries||Rs. in Billions||Percentage|
Out of Rs.304.97 Billion remittance in First 4 months of Fiscal Year 2076/77, 50.3% amount is remitted from Gulf Countries. Qatar and Dubai stands at 17.7% and 13.4% and Kuwait and Bahrain stands at 3.8% and 2.9% respectively.
Nepalese Worker in Foreign Employment
As Gulf countries has been main choice for Foreign Employment, 75.3% of total foreign employment for the First 4 months of Fiscal Year 2076/77 is in Gulf Countries. Due to increased cost of foreign employment, Malaysia stands at 12.5% of net manpower while it was leading country few years back. The detail of foreign employment in First 4 months of 2076/77 totaled 79,680 employee is as follows:
Remittance is one of the major contributor of Nepalese Economy. It is equally important for education, health, poverty alleviation, financial institutions operation as well as infrastructural development. We can see reduction in Nepalese Worker in Foreign Employment in recent years. Foreign Employment in Fiscal Year 2070/71 was maximum as 5,27,814 labor force migrated while only 2,43,868 migrated during the Fiscal Year 2075/76. First 4 months of 2076/77 showed 79,680 employee and 75.3% of total migration was to Gulf Countries; maximum at Dubai. Also, contribution from Gulf Countries on total remittance is 50.3%.