India to receive over record $100 billion in remittances in 2022

India to receive over record $100 billion in remittances in 2022: India is on course to maintain its position as the top recipient of remittances, with migrant workers who are on track to send home a record amount of money this year. According to the World Bank’s Migration and Development brief, remittance flows to India are predicted to increase by 12 percent and hit $100 billion for the first time this year, way ahead of Mexico, China, and the Philippines. This will help India maintain its top spot.

December 2022 Current Affairs Quiz

Remittances to India were enhanced by wage hikes and a strong labor market in the United States and other OECD countries. Remittances are an important source of income for households in low- and middle-income countries as it helps in reducing poverty and promoting resilience while also improves birth weight of newborns and school enrollment rates for older children. Remittances to low and middle-income countries increased by about 5 percent to over $626 billion in 2022. Growth is forecast to decrease even more to about 2 percent next year, according to a report released by the World Bank on Wednesday.