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.
- 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