Q. With reference to Remittances, consider the following statements:
1.Remittances comprise only the income of workers who work in another country.
.India is the world’s biggest recipient of remittances.
Which of the statements given above is/are correct?
Answer: B
Notes:
Statement 1 is incorrect: Remittances comprise two major parts,
Personal Transfers: This can be in cash or in kind between resident and non-resident households
Compensation of Employees: This refers to the income of workers who work in another country for a limited period of time.
Statement 2 is correct: According to the World Bank’s latest Migration and Development Brief, the top five recipient countries for remittances in 2021 were India, Mexico (replacing China), China, the Philippines, and Egypt.
Source: All India Radio
