India received $83 billion in remittances in 2020: World Bank report

GS PAPER II: Indian Economy and issues relating to planning, mobilization, of resources, growth, development and employment.

Context: India received over USD83 billion in remittances in 2020, a drop of just 0.2 per cent from the previous year, despite a pandemic that devastated the world economy, according to a World Bank report.

• China, which received USD 59.5 billion in remittances in 2020 against USD 68.3 billion the previous year, is a distant second in terms of global remittances for the year gone by, as per the latest World Bank data.
• India’s remittances fell is due to decline in remittances from the United Arab Emirates, which offset resilient flows from the United States and other host countries.
• Remittance outflow was the maximum from the United States (USD68 billion), followed by UAE (USD43 billion), Saudi Arabia (USD34.5 billion), Switzerland (USD27.9 billion), Germany (USD22 billion), and China (USD18 billion).

https://indianexpress.com/article/business/economy/india-received-83-billion-in-remittances-in-2020-world-bank-report-7313003/