World Bank: Migrant workers sent the most money to India, for the first time a country's remittance crossed $100 billion

Posted on 5th Dec 2022 by rohit kumar

India is at the forefront of earning remittances (money sent by migrants to their native countries) compared to other countries. A World Bank report states that India's remittance is expected to reach $100 billion in 2022. Compared to last year, it can increase from 7.5 percent to 12 percent. The report said that $ 89.4 billion in remittances came to India in 2021, which could reach $ 100 billion in 2022.

 

At the same time, India, Mexico, China, the Philippines, Egypt, and Pakistan are expected to remain in the top ten countries earning remittances. In this, $60 billion from Mexico, $51 billion from China, $38 billion from the Philippines, $32 billion from Egypt, and $29 billion from Pakistan are expected to come.

 

Remittance increased by 3.5 percent in South Asia

The World Bank report said that at the regional level, remittances in South Asia have increased by about 3.5 percent to reach $ 163 billion this year. However, there is a large disparity between all countries. The amount sent by migrant workers to India is estimated to increase by 12 percent, while remittances from Nepal are increasing by only four percent. Apart from this, there is a possibility of a decline of about 10 percent in Sri Lanka, Pakistan, and Bangladesh.

 

Also Read: Food Processing: CEO of NITI Aayog said – Food processing is important for the economy and employment

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