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Indians Living in Kuwait Sent more than 2.1 Billion Kuwaiti Dinars in Remittances

Indian people living and working in Kuwait sent about 2.1 billion Kuwaiti Dinars (around 6.3 billion dollars) back home in 2023. This makes up about 4.8% of all the money sent by Indians living abroad, which totaled 125 billion dollars. New Delhi, the capital of India, is trying to get a plan approved at the World Trade Organization (WTO) to make sending money across borders cheaper. They want to improve the digital payment systems so they work better together.

Officials mentioned in a newspaper said that this plan could save developing countries around 30 to 40 billion dollars. Last year, a total of 860 billion dollars was sent in remittances, with most of it going to low- and middle-income countries. India wants to make sending money home cheaper by reducing the costs to less than 3% by 2030. They also want to get rid of the expensive routes for sending money, where costs are more than 5%. This aligns with the goals of the World Trade Organization to reduce inequality within and between countries.

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