Sign In
Learn bits
Index & Reports
Mahesh

04/12/22 15:44 PM IST

Remittance inflows in India to top $100 billion in 2022: World Bank brief

In News
  • Remittance inflow in India in 2022 is expected to top the $100 billion mark for the first time ever.
Major Highlights
  • India’s remittance will grow 12% resulting in a $100 billion flow ($89.4 billion in 2021), mainly attributed to the Indian migrants earning relatively high salaries in the US, UK and East Asia.
  • Despite reaching a historic milestone, India’s remittance flows are expected to account for only 3% of its GDP in 2022.
Remittances
  • Remittances to India are money transfers from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India and are a vital source of household income.
  • As per the Ministry of External Affairs (MEA), remittance is received from the approximately 35 million members of the Indian diaspora.
Reason behind high remittance
  • A gradual shift in destinations for Indian migrants → A structural shift in qualifications → moving to highest-income-earner-category.
  • For example, migrants moved from informal employment in the Gulf Cooperation Council (GCC) countries to high-income countries – the US, UK and East Asia (Singapore, Japan, Australia, New Zealand).
  • A strong labour market in the US and other OECD countries.
  • In the GCC, low inflation, and high labour demand with higher oil prices, which in turn increased remittances for Indian labourers.
Source- Business Standard

More Related Current Affairs View All

17 Sep

Reasons Behind the heavy rain in Uttarakhand, Himachal

'Dehradun and several other districts in Uttarakhand have experienced very heavy rainfall over the past few days, triggering landslides in multiple areas and causing rivers to swel

Read More

08 Sep

Rajasthan’s coaching centre Bill

'The Rajasthan Coaching Centres (Control and Regulation) Bill, 2025, is a significant piece of legislation passed by the Rajasthan Assembly to regulate and oversee the state's burg

Read More

28 Aug

IADT-1

'Recently, the Indian Space Research Organisation (ISRO) successfully carried out its first Integrated Air Drop Test (IADT-1), a crucial milestone in the preparation for the countr

Read More

India’s First Ai-Driven Magazine Generator

Generate Your Custom Current Affairs Magazine using our AI in just 3 steps