India Top Remittance Recipient in 2021

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    In Context 

    • According to a World Health Organisation report, India received 87 billion dollars in remittances in 2021.

    About the report 

    • According to the report  , in 2021 the top five remittance recipients in current US dollars were India, China, Mexico, the Philippines and Egypt.
    • The first WHO World report on the health of refugees and migrants said that today about one in eight people in the world, some one billion, are migrants.
    • Remittances are expected to continue growing in 2022, but there are challenges, such as the COVID-19 crisis, which still poses one of the greatest risks to flows to low- and middle-income countries, especially as fiscal stimulus programmes in migrant destination countries cannot continue indefinitely.
    • key contributing factors are
      • the willingness of migrants to support their families in times of need, together with the fiscal stimuli and employment support programmes implemented in the United States and European destination countries, which provided many migrants with the financial wherewithal to increase support to their families at home.

    Remittance 

    • It is derived from the word ‘remit’ which means ‘to send back’. 
    • It refers to money that is sent or transferred to another party, usually overseas. 
    • It can be sent via a wire transfer, electronic payment system, mail, draft, or cheque.
    • It can be used for any type of payment including invoices for business purposes or other obligations like personal transfers made to family and friends.
    • It is an “important and positive” economic result of migration for migrants themselves and for family and friends remaining in their home countries.

    Source:ET

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