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.
India is followed by China, Mexico, the Philippines, and Egypt, the Washington-based global lender said in its report released on Wednesday.
In India, remittances are projected to grow three 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.
“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.
