India, May 19 -- US President Donald Trump's proposed 5% tax on outward remittances under the One Big, Beautiful Bill threatens India's economic stability and progress toward the sustainable development goals (SDGs). This regressive move could disrupt a crucial financial lifeline for many families in India. The Indian ministry of external affairs estimates that 1.28 million NRIs and 3.18 million persons of Indian origin (PIOs) reside in the US. According to the World Bank's 2024 Remittance Report, India remains the world's top recipient of remittances, with $129 billion in 2024. A Reserve Bank of India report shows the US as the largest source, with its share rising from 22.9% in 2016-17 to 27.7% in 2023-24

Let's assume that $120 billion...