Remittances from urban to rural pockets have jumped up amidst the beginning of the festive season, something that indicates the recovery of the economy.
The remittances have returned back to the pre-pandemic levels in September, and are anticipated to touch even greater heights in October and November.
Overall, the country processes about Rs 12000-Rs 14000 crore in monthly domestic remittances.
Apparently, pent-up demand along with a robust revival in the economic activity in rural areas are steering this new development according to firms that facilitate domestic remittance transactions.
“Normalcy has returned to the remittances business; most large pockets like western and southern India plus the NCR region have surpassed pre-pandemic levels in September,” the chief executive of one of the leading firms was quoted in a report by the Economic Times.
The pace of vaccination in the coming times will further shape the trajectory of growth in this front. The overall business has come back to normalcy as the migrant labours have gradually returned to the urban pockets of Karnataka, Gujarat, the National Capital Region (NCR) and also Maharashtra.