India Witnesses Strong Growth In Remittances Says World Bank

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

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