India, world’s largest recipient of remittances, received $87 billion in 2021: World Bank

What is the News?

The World Bank has released its Migration and Development Brief Report.

What are the key findings of the report?

India is the world’s largest recipient of remittances. It received $87 billion in 2021. India had received over $83 billion in remittances in 2020.

Reasons for the increase in Remittances: 1) Migrants determination to support their families in times of need, 2) Stronger oil prices and the resulting pickup in economic activity in Gulf, 3) Severity of caseloads and deaths during the second wave of pandemic played a prominent role in drawing substantial flows (including for the purchase of oxygen tanks) to the country.

Biggest Source of Remittance for India: The United States was the biggest source, accounting for over 20% of these funds.

Other Countries: India was followed by China, Mexico, the Philippines, and Egypt.

Projections for 2022: In India, remittances are projected to grow 3%in 2022 to $89.6 billion, reflecting a drop in overall migrant stock as a large proportion of returnees from the Arab countries await the return.

Source: This post is based on the article “India, world’s largest recipient of remittances, received $87 billion in 2021: World Bank” published by Indian Express on 18th Nov 2021.