The extensive Indian diaspora will help the South Asian country reach a special milestone this year. Asia’s third largest economy is on track to receive more than $100 billion in yearly remittances in 2022, according to a World Bank report published Wednesday. This will be the first time a country will reach that milestone figure, it said. Remittances, or money transfers from migrant workers to families back home, are an important source of income for households in poorer countries.
India had received $89.4 billion in remittances in 2021, according to the World Bank, making it the top recipient globally last year. “Remittance flows to India were enhanced by the wage hikes and a strong labor market in the United States,” and other rich countries, the bank said. Despite being poised to reach the record figure, India’s remittance flows are expected to account for only 3% of its GDP in 2022, it said.
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There are no follow up of IND remittances so it's bank fee is poor. IND has never invested it due to CPIM trade unions. EconomicTimes
Glad someone can stop spending
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