Mumbai: A report published by the World Bank said that India will receive $100 billion in remittances in 2022. The remittances to India will grow at 12% in 2022. The ‘Migration and Development Brief’ released by the World Bank said this.
The report cited several reasons for the rise in remittances to India, including a gradual structural shift in immigration from low-skilled employment in Gulf nations to high-skilled jobs in high-income countries.
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‘Between 2016–17 and 2020–21, the share of remittances from the United States, United Kingdom, and Singapore increased from 26 per cent to over 36 per cent, while the share from the 5 Gulf countries (Saudi Arabia, United Arab Emirates, Kuwait, Oman, and Qatar) dropped from 54 to 28 per cent,’ the report noted quoting a Reserve Bank of India survey.
India is the world’s biggest recipient of foreign remittance. In 2021, the country received foreign remittance of $89.4 billion. Remittances to India are expected to account for just 3% of the Gross Domestic Product this year.
As per the report, Mexico will be in the second place with $60 billion in remittances. China is in the third place with $51 billion in remittances.
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