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India now the top beneficiary from overseas remittances

According to the World Bank, India has surpassed Mexico as the top remittance receiving country in 2021, pushing China to third place. In 2021, India received remittances totaling more than $89 billion, an increase of 8% above the $82.73 billion received in 2020. Despite the fact that the world was significantly hit by Covid in 2020, remittances were somewhat higher than the $82.69 billion in the non-Covid year of 2019.

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Key Points:

  • The dropping value of the rupee against the dollar accounts for some of the increase.
  • Inbound remittances to India will continue to climb this year, aided by one of the lowest transaction costs in the world.
  • The average cost of transferring $200 was $6 globally, but it was the cheapest to send money to South Asia (4.3 percent) and the most expensive to send money to Sub-Saharan Africa (7.3 percent) (7.8 percent).
  • Remittances to low- and middle-income countries (LMICs) are predicted to rise by 4.2 percent in 2022, reaching $ 630 billion.
  • This follows a strong 8.6% increase in 2021, when remittance flows totaled $605 billion, far above the World Bank’s forecast.
  • Remittance inflows into South Asia increased by 6.9% in 2021.

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