Correct Answer : $100 billion
The World Bank Report has stated that India, the third largest economy of Asia, is set to become the first country to receive $100 billion in remittances from migrant workers abroad. Notably, India had received $89.4 billion in remittances in 2021, according to the World Bank report, which then made India the top recipient globally.
* “Remittance flows to India were enhanced by the wage hikes and a strong labor market in the United States," and other rich countries, the bank said in its report.
* This means India is set to retain the highest receiver of remittances spot this year as well. According to the World Bank Report, “Remittance flows to India will rise 12% to reach $100 billion this year(2022). That puts its inflows far ahead of countries including Mexico, China and the Philippines."
* The report stated that “Migrants responded to exchange rate depreciations in home countries by sending less money through formal channels and opting for black-market premia in the parallel exchange markets".
* Remittances to India are money transfers (called remittance) from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India.
Here are key points from the report by World Bank :
* Highly-skilled Indian migrants living in wealthy nations such as the US, UK, and Singapore were sending more money home
* Remittances to low and middle-income countries have grown by 5% in 2022 to around $626 billion - around half the rate of growth seen in 2021.
* The amount of money sent back home by migrants around the world has grown by 5% in 2022
* Other top recipient countries for remittances include Mexico, China, Egypt and the Philippines..
Source : Mint
