The Indians living and working abroad are forecasted to send home a record amount of remittances this year. The World Bank Report has stated that India – the third largest economy of Asia, is expected to receive a record $100 billion in remittances in 2022, making it the top recipient this year. According to the World Bank report, India had received $89.4 billion in remittances in the year 2021, which then made India the top recipient globally. NRIs will send home a record $100 billion in 2022 making our country India the first country ever to receive such a record sum of money flowing from expats. The remittances are expected to surpass even FDI for India in 2022.
According to the World Bank Report, “Remittance flows to the country India will rise 12 percent to reach $100 billion this year. That puts its inflows far ahead of countries including China, Mexico, and the Philippines.
As per World Bank report , the remittances earned by migrants from Pakistan, Bangladesh, and Sri Lanka are expected to drop this year.
Remittances to India are money transfers from NRIs employed outside the country to family, the friends or relatives residing in India.
In recent years, many Indians have moved to well paid jobs in high-income countries, such as the UK, US and the Singapore.