NEW DELHI, India—India received $87 billion in remittances in 2021, and the United States was the biggest source, accounting for over 20% of these funds, the World Bank said in its latest report.
"Flows to India (the world's largest recipient of remittances) are expected to reach $87 billion, a gain of 4.6% — 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," the World Bank report stated.
In terms of remittances, India is followed by China, Mexico, the Philippines, and Egypt, the report said. In India, remittances are projected to grow 3% in 2022 to $89.6 billion, reflecting a drop in overall migrant stock, as a large proportion of returnees from the Arab countries await return, The Hindu noted in its analysis.
Remittances to low and middle income countries are projected to have grown 7.3% to reach $589 billion in 2021, the bank said.