July 21, 2022
India received over US$ 83 billion in remittances in 2020
Remittances in India are projected to grow by 3% in 2022 to US$ 89.6 billion
India is followed by China, Mexico, the Philippines, and Egypt for the most amount of remittances received
Remittances to countries with low and middle income are projected to have grown by 7.3% to reach US$ 589 billion in 2021
India received US$ 87 billion in remittances in 2021, a gain of 4.6% from the previous year, according to a report from the World Bank. The United States accounted for over 20% of these funds, making it the biggest source of remittance.
India had received over US$ 83 billion in remittances in 2020, followed by China, Mexico, the Philippines, and Egypt. Remittances in India are projected to grow by 3% in 2022 to US$ 89.6 billion, which reflects a fall in overall migrant stock. Remittances to countries with low and middle income are projected to have increased by 7.3% to reach US$ 589 billion in 2021.
Covid-19’s severity played a prominent role in drawing altruistic flows to the country, at a rate that was well above the global average, according to the report. Experts said that migrant remittance flows have complemented the government to arrange cash transfer initiatives for families experiencing financial difficulties due to the pandemic.
They further added that arranging the flow of remittances to provide relief to strained household budgets should be prioritized in government policies to enable global recovery from the pandemic.
