World Bank estimates Indian remittances to reach a record $100 billion in 2022
What is Remittance: Remittance refers to the sending of money to the home country by a person living, or working in another country. When an expatriate sends money to his country of origin through the bank, post office, or online transfer, it is called remittance.
India is at the forefront of earning remittances (money sent by migrants to their native countries) compared to other countries. A World Bank report states that India’s remittance is expected to reach $100 billion in 2022. Compared to last year, it can increase from 7.5 percent to 12 percent. The report said that $ 89.4 billion remittances came to India in 2021, which will reach $ 100 billion in 2022.
At the same time, India, Mexico, China, Philippines, Egypt, and Pakistan are expected to remain in the top ten countries earning remittances. In this, $60 billion from Mexico, $51 billion from China, $38 billion from Philippines, $32 billion from Egypt, and $29 billion from Pakistan are expected to come.
The report also says that despite global challenges in 2022, remittances to low- and middle-income countries will grow by 5% to $626 billion. Cash transfers to India from high-income countries grew to over 36% in 2020-21 from 26% in 2016-17. Citing data from the Reserve Bank of India, the World Bank said the share of five Gulf countries, including Saudi Arabia and the United Arab Emirates, declined from 54% to 28% over the same period.
Remittance increased by 3.5 percent in South Asia
The World Bank report said that at the regional level, remittances in South Asia have increased by about 3.5 percent to reach $ 163 billion this year. However, there is a large disparity between all countries. The amount sent by migrant workers to India is estimated to increase by 12 percent, while remittances from Nepal are increasing by only four percent. Apart from this, there is a possibility of a decline of about 10 percent in Sri Lanka, Pakistan, and Bangladesh.
Except for India and Nepal, other South Asian countries see their remittances decline by more than 10% from 2021 as government stimulus introduced during the pandemic expires. In recent years, many Indians have moved to high-income countries such as the US, UK, and Singapore for well-paying jobs. Remittances account for about 3% of India’s gross domestic product (GDP). These are also important for filling fiscal gaps.
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