India received $87 billion in remittances in 2021; America’s largest source

India received $87 billion in remittances in 2021; America’s largest source

The World Bank in its latest report on Wednesday said India received USD 87 billion in remittances in 2021, and the United States was the largest source, accounting for over 20 per cent.

“Flows to India (world’s largest recipient of remittances) are expected to reach USD 87 billion, with a 4.6 per cent increase in the severity of COVID-19 caseloads and deaths (above the global average) during the second quarter playing a major role. It is playing a role in attracting philanthropic flows (including the purchase of oxygen tanks) to 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 by three per cent to USD 89.6 billion in 2022, reflecting a fall in the total expatriate stock, as a large proportion of returnees from Arab countries await return, it said.

The bank said remittances to low- and middle-income countries are projected to grow by 7.3 percent to reach USD 589 billion in 2021.

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 percent.

“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.

(Only the title and image of this report may have been reworked by Business Standard staff; the rest of the content is generated automatically from a syndicated feed.)

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