Published: 10th Feb, 2022
When migrants send home part of their earnings in the form of either cash or goods to support their families, these transfers are known as remittances. In 2021, the top five remittance recipients in current US dollar terms were India, China, Mexico, the Philippines, and the Arab Republic of Egypt.
India is the biggest receiver of remittances in the world. Remittances help in stimulating economic development in recipient country.
Benefits of remittances to the economy:
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Increased inward remittance is a boon for the economy at both macro and micro levels.
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At the macro level, remittances contribute to maintaining stable foreign reserves since it come-in in the form of foreign currency. This helps in managing India’s balance of payment.
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Remittances help Indian Rupee hold its value against the US dollar and forms a significant part of the GDP.
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On a micro level, remittances have shown a positive impact on healthcare, entrepreneurship, education, and overall economic development of the recipient families.
This data story aims to show comprehensive details about the remittances received by India.
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