Migration and Development Brief 35 Report

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Migration and Development Brief 35 report of the World Bank

Recently India has received $87 billion as remittances in the year 2021.

According to the ‘Migration and Development Brief 35’ report of the World Bank, remittance flows have registered a growth of 7.3 percent in the year 2021. Also, remittances to low- and middle-income countries are projected to grow by 7.3 percent to reach $589 billion in 2021.

Key findings:

  • India has received $87 billion as remittances. The United States was the largest source with over 20 percent of this total remittance.
  • India is followed by China, Mexico, Philippines and Egypt.
  • Remittances in India are projected to grow by three percent to $89.6 billion in 2022. This reflects decline in the total number of migrants, as a large proportion of migrants returning from Arab countries (India) are waiting to return (Arab countries).

Importance of Remittance:

Contribution to maintaining stable foreign exchange reserves. Helping the Indian rupee maintain its value against the US dollar, includes positive impacts on healthcare, entrepreneurship, education and overall economic growth.

Source – The Hindu

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