CURRENT AFFAIRS

Detailed explanation-1: -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-2: -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. Together, the four account for as much as 54 percent of India’s remittance inflows.

Detailed explanation-3: -India is the world’s biggest recipient of remittances. Remittances bolsters India’s foreign exchange reserves and helps fund its current account deficit.

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.).