India got $87 billion in payments in 2021, the World Bank said in its latest report. “Issues to India are expected to reach $87 billion, an increase of 4.6 per cent with the Covid-19 cases and deaths in the second quarter playing an important role in attracting altruistic flows to India,” the World Bank report said.
India is accompanied by China, Mexico, the Philippines, and Egypt. Payments by 2022 in India are predicted to grow 3 per cent to $89.6 billion, showing a decrease in overall migrant stock as a large number of returnees from the Arab countries expect the return.
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Remittances to low and middle-income countries are calculated to grow to 7.3 per cent to reach $589 billion in 2021, it added. This recovery is more robust than earlier and follows the flexibility of flows in 2020 when payments dropped by only 1.7 per cent even after a global recession due to the Covid-19 pandemic.