2020
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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10%
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20%
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25%
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15%
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Detailed explanation-1: -Remittances to India is money transfers from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India and account for nearly 3% of India’s gross domestic product (GDP).
Detailed explanation-2: -India is expected to receive a whopping $100 billion in remittances in 2022, according to the World Bank’s latest ‘Migration and Development Brief’. It noted that remittances to India, the world’s biggest recipient, stood at $89.4 billion last year and will grow at 12 per cent in 2022.
Detailed explanation-3: -In 2022, remittance flows to LMICs are estimated to have increase by 4.9 per cent to reach USD 626 billion but regional differences existed (ibid.). The estimated increase in 2022 follows a 10.2 percent growth registered in 2021, when remittance flows reached USD 597 billion, exceeding earlier estimates (ibid.).
Detailed explanation-4: -India has once again topped the list of countries in terms of receiving maximum overseas remittances in 2022. Thanks to extensive Indian diaspora, the country received $100 billion in foreign remittances this year, as per the latest World Bank data on remittances of countries.