CURRENT AFFAIRS

Detailed explanation-1: -India retained its position as the world’s top recipient of remittances with its diaspora sending a whopping USD 79 billion back home in 2018, the World Bank said in a report Monday.

Detailed explanation-2: -In 2021, India received around US $87 billion dollars, making it the world’s largest recipient of remittances.

Detailed explanation-3: -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.