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India received $87 billion in remittances in 2021: World Bank

India, the world's largest recipient of remittances, received $87 billion in 2021 with the United States being the biggest source, accounting for over 20% of these funds

Topics
foreign remittances | Remittances | World Bank

Press Trust of India  |  Washington 

Remittance

India, the world's largest recipient of remittances, received USD 87 billion in 2021 with the United States being the biggest source, accounting for over 20 per cent of these funds, according to the .

India is followed by China, Mexico, the Philippines, and Egypt, the Washington-based global lender said in its report released on Wednesday.

In India, are projected to grow three per cent in 2022 to USD 89.6 billion, reflecting a drop in overall migrant stock, as a large proportion of returnees from the Arab countries await return, it said.

"Flows to India (the world's largest recipient of remittances) are expected to reach USD 87 billion, a gain of 4.6 per cent with the severity of COVID-19 caseloads and deaths during the second quarter (well above the global average) playing a prominent role in drawing altruistic flows (including for the purchase of oxygen tanks) to the country," the report stated.

to low- and middle-income countries are projected to have grown a strong 7.3 per cent to reach USD 589 billion in 2021, the bank said.

This return to growth is more robust than earlier estimates and follows the resilience of flows in 2020 when declined by only 1.7 per cent despite a severe global recession due to COVID-19, according to estimates from the World Bank's Migration and Development Brief.

"Remittance flows from migrants have greatly complemented government cash transfer programs to support families suffering economic hardships during the COVID-19 crisis.

Facilitating the flow of remittances to provide relief to strained household budgets should be a key component of government policies to support a global recovery from the pandemic," said Michal Rutkowski, Global Director for Social Protection and Jobs.

India had received over USD 83 billion in remittances in 2020.

(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)

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First Published: Thu, November 18 2021. 14:11 IST
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