2021
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Question
[CLICK ON ANY CHOICE TO KNOW THE RIGHT ANSWER]
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India
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Mexico
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South Korea
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China
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Detailed explanation-1: -Defying the early projections, however, India remained the top recipient country, accounting for 12 per cent of total global remittances, recording a marginal decline of 0.2 per cent in 2020 and a growth of 8 per cent in 2021.
Detailed explanation-2: -In fact, India is the largest remittance recipient country. In 2021, India received around US $87 billion dollars, making it the world’s largest recipient of remittances. This was a 4.6% gain on its remittance inflows in previous years. This is because in 2020, remittances made up only 3.1% of the country’s GDP.
Detailed explanation-3: -The share of remittances from the US, the UK and Singapore in the total figure jumped from 26 percent to over 36 percent between 2016-17 and 2020-21. The US has surpassed the UAE as the top source of remittances to India, with its share rising to 23.4 percent in 2021 from 22.9 percent in 2017.
Detailed explanation-4: -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.