New Delhi, India: According to a World Bank analysis released on 31st November 2022, the third-largest economy in Asia, India is expected to receive remittances of more than $100 billion annually. The analysis noted that this will be the first time a Nation reaches that milestone figure.

Remittances, or money transfers from migrant workers to families back home, are a significant source of income for families in developing Nations. They not only help to reduce poverty in developing countries but also they are linked to higher rates of school enrolment for kids from low-income families.

According to a World Bank report, Indians have recently moved from low-skilled employment in Gulf states like Saudi Arabia, Kuwait, and Qatar to high-skilled jobs in high-income countries like the United States, the United Kingdom, and Singapore. As a result, they are sending more money home.

India was the world’s top recipient in 2021, receiving $89.4 billion in remittances, according to the World Bank. “Remittance flows to India were enhanced by the wage hikes and a strong labor market in the United States,” the bank remarked.

“Despite being poised to reach the record figure, India’s remittance flows are anticipated to make up barely 3 percent of its GDP in 2022,” as per the reports. In addition to India, Mexico, China, and the Philippines are anticipated to be the leading remittance recipients in 2022. However, the Indian diaspora may face greater difficulties in the upcoming year due to several reasons.

Globally, remittances to low and middle-income Nations are expected to grow an estimated 5 percent to $626 billion this year, the report cited.

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