CURRENT AFFAIRS

Detailed explanation-1: -India will retain its position as the world’s top recipient of remittances.

Detailed explanation-2: -Impact on National GDP While India tops the list of countries benefitting from remittances, its $100 billion received amounts to only 2.9% of its 2022 GDP. Meanwhile, low and middle-income countries around the world heavily rely on this source of income to boost their economies in a more substantive way.

Detailed explanation-3: -In 2022, the top five recipient countries for remittances inflows in current USD were India (100 billion), Mexico (60 billion), China (51 billion), the Philippines (38 billion), and Egypt (32 billion) (ibid.). India has been the largest recipient of remittances since 2008.

Detailed explanation-4: -India is the world’s biggest recipient of remittances. Remittances bolsters India’s foreign exchange reserves and helps fund its current account deficit.