23rd November 2021 (5 Topics)
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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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