The World Bank in its latest report on Wednesday said that India received $87 billion in remittances in 2021, and the United States was the largest source, accounting for more than 20% of these funds.
“Flows to India (world’s largest recipient of remittances) are expected to reach $87 billion, a gain of 4.6% – with the severity of the COVID-19 caseload and deaths (above the global average) playing a major role during the second quarter In attracting philanthropic inflows (including purchase of oxygen tanks) into the country,” the World Bank report said.
The report said that India is followed by China, Mexico, Philippines and Egypt. In India, remittances are projected to increase 3% to $89.6 billion in 2022, reflecting a decline in the total expatriate stock, as a large proportion of returnees from Arab countries await return, it said.
Remittances to low- and middle-income countries are projected to reach $589 billion in 2021 with a strong growth of 7.3%, the bank said.
This return to growth is stronger than earlier estimates and follows a resiliency of flows into 2020, when remittances only increased despite a severe global slowdown due to COVID-19, according to projections from the World Bank’s Migration and Development Brief. declined by 1.7%.
“Remittance flows from expatriates have greatly complemented government cash transfer programs to support families suffering economic hardship during the COVID-19 crisis. Facilitating remittance flows to provide relief to strained household budgets is a key to global recovery. Should be a key component of government policies to support the pandemic,” said Michal Rutkowski, the World Bank’s global director of social protection and jobs.
India had received over $83 billion in remittances in 2020.
,