CURRENT AFFAIRS

Detailed explanation-1: -India Becomes the Highest Recipient of Remittances.

Detailed explanation-2: -According to the latest edition of the World Bank’s Migration and Development Brief, India has retained its position as the world’s top recipient of remittances with its diaspora sending a whopping $79 billion back home in 2018. Remittances to low- and middle-income countries reached a record high in 2018.

Detailed explanation-3: -In 2021, India received around US $87 billion dollars, making it the world’s largest recipient of remittances.

Detailed explanation-4: -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.