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

Uming La pass and World’s Highest Motorable Road

Geography

POCSO Act and its challenges in implementation

Polity & Governance

Panchayat Extension to Scheduled Areas (PESA) Act, 1996

Polity & Governance

GS Analyst: Daily Current Affairs

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