You are here: Home » News-CM » Economy » News
Business Standard

India Witnesses Strong Growth In Remittances Says World Bank

Capital Market 

India received a total of $87 billion in remittances in 2021 with the United States being the biggest source, accounting for over 20% of these funds, the World Bank said in its latest report on Wednesday.

Flows to India (the world's largest recipient of remittances) are expected to hit $87 billion, a spurt of 4.6% 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 World Bank noted. Remittances are projected to grow 3% in 2022 to $89.6 billion

Powered by Capital Market - Live News

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

Dear Reader,

Business Standard has always strived hard to provide up-to-date information and commentary on developments that are of interest to you and have wider political and economic implications for the country and the world. Your encouragement and constant feedback on how to improve our offering have only made our resolve and commitment to these ideals stronger. Even during these difficult times arising out of Covid-19, we continue to remain committed to keeping you informed and updated with credible news, authoritative views and incisive commentary on topical issues of relevance.
We, however, have a request.

As we battle the economic impact of the pandemic, we need your support even more, so that we can continue to offer you more quality content. Our subscription model has seen an encouraging response from many of you, who have subscribed to our online content. More subscription to our online content can only help us achieve the goals of offering you even better and more relevant content. We believe in free, fair and credible journalism. Your support through more subscriptions can help us practise the journalism to which we are committed.

Support quality journalism and subscribe to Business Standard.

Digital Editor

First Published: Thu, November 18 2021. 13:42 IST