India which is one of the world’s largest recipients of remittances had received $87 billion in this year with the US being the biggest factor and source which accounted for over 20% of these funds, as per the World Bank.
After India, it is China, Mexico, the Philippines, and Egypt, the Washington- based global lender as stated in the report released on Wednesday.
In India, remittances are expected to grow 3% in 2022 to $89.6 billion, which would reflect a drop in the total migrant stock as a large proportion of returners from the countries in Arab countries waits to return, as it said.
“Flows to India (the world’s largest recipient of remittances) are expected to reach $ 87 billion, a gain of 4.6 percent — 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,” as stated by the World Bank.
Low- and middle-income countries in remittances are projected to have raised by a strong 7.3% to reach $589 billion in 2021, the bank said.
“Remittance flows from migrants have greatly complemented government cash transfer programs to support families suffering economic hardships during the COVID-19 crisis.
“Facilitating the flow of remittances to provide relief to strained household budgets should be a key component of government policies to support a global recovery from the pandemic,” as stated by Michal Rutkowski who is the World Bank Global Director for Social Protection and Jobs.
India received a total of over $83 billion in remittances in 2020.