India Received $87 Billion In Remittances In 2021, Up From Over $83 Billion Last Year: World Bank

<p><strong>Washington</strong>: India, the world's largest recipient of remittances, received $87 billion in 2021 with the United States being the biggest source, accounting for over 20 per cent of these funds, according to the World Bank.</p> <p>India is followed by China, Mexico, the Philippines, and Egypt, the Washington-based global lender said in its report released on Wednesday.</p> <p>In India, remittances are projected to grow 3 per cent in 2022 to $89.6 billion, reflecting a drop in overall migrant stock, as a large proportion of returnees from the Arab countries await return, it said.</p> <p>"Flows to India (the world's largest recipient of remittances) are expected to reach $87 billion, a gain of 4.6 per cent with the severity of Covid-19 caseloads and deaths during the second quarter (well above the global average) playing a prominent role in drawing altruistic flows (including for the purchase of oxygen tanks) to the country," the World Bank report stated.<br />Remittances to low- and middle-income countries are projected to have grown a strong 7.3 per cent to reach $589 billion in 2021, the bank said.</p> <p>This return to growth is more robust than earlier estimates and follows the resilience of flows in 2020 when remittances declined by only 1.7 per cent despite a severe global recession due to Covid-19, according to estimates from the World Bank's Migration and Development Brief.</p> <p>&ldquo;Remittance flows from migrants have greatly complemented government cash transfer programmes to support families suffering economic hardships during the Covid-19 crisis.<br />Facilitating the flow of remittances to provide relief to strained household budgets should be a key component of government policies to support a global recovery from the pandemic," said Michal Rutkowski, World Bank Global Director for Social Protection and Jobs.</p> <p>India had received over $83 billion in remittances in 2020.</p>

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