CURRENT AFFAIRS

Detailed explanation-1: -In 2021, India was the country with the largest inflow of remittances worldwide. That year, Indians abroad sent the equivalent of 89.4 billion U.S. dollars in remittances. Mexico followed, with remittances amounting to a total of 54.1 billion U.S. dollars.

Detailed explanation-2: -India will retain its position as the world’s top recipient of remittances. Data from the RBI Remittances Survey, 2021 shows that the four leading countries in sending remittances to India are the US, the United Arab Emirates (UAE), the UK and Singapore.

Detailed explanation-3: -Over the last several years, many Indians have moved to high-skilled and well paid jobs in high-income countries, such as the US, UK and Singapore. Notably in 2021, India had received $89.4 billion in remittances, according to the World Bank report, which then made India the top recipient globally.

Detailed explanation-4: -The USA is India’s biggest source of remittance accounting for over 20% of total inward remittance.

Detailed explanation-5: -The top five recipient countries for remittances in 2022 are expected to be India, establishing a benchmark of $100 billion in the year, followed by Mexico, with a tally of $60 billion (which replaced China in second position during 2021), and China, the Philippines, and the Arab Republic of Egypt.