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23rd November 2021 (5 Topics)

World’s Bank Report on “ Migration and Development Brief”

According to the World Bank’s Migration and Development Brief, India has become the world’s largest recipient of Remittances, receiving USD 87 billion (a gain of 4.6 % from the previous year) in 2021.

  • India is followed by China, Mexico, the Philippines, and Egypt.
  • The United States is the biggest source, accounting for over 20% of all Remittances.

Findings Related to India:

  • Firstly, India has received the highest amount of remittances in 2020. This was followed by China, Mexico, the Philippines, Egypt, Pakistan, France, and Bangladesh.
  • Secondly, India’s Remittances: India has received over USD83 billion in remittances in 2020. This was despite the pandemic that devastated the world economy.
  • In 2019, India had received USD83.3 billion in remittances.

What are remittances and why they are important for the Indian economy? (150 Words)

Approach:

  • Introduce by giving definition of remittances
  • Enumerate the source of remittances for India
  • Enumerate the importance of remittances for Indian economy
  • Briefly highlight how remittances were affected by Covid.
  • Conclusion
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