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India is set to become the first country ever to receive $100 billion a year in remittances

prasad1

Active member
Indians form the world’s largest diaspora group at around 18 million. That has led to India receiving ever-increasing remittances over the years.

In 2022, the amount has already touched $100 billion, making the country the first ever to reach the figure, World Bank data (pdf) show. “Remittance flows to India were enhanced by the wage hikes and a strong labor market in the United States and other OECD countries,” a Nov. 30 World Bank release said.
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Between January 2015 and September 2021, up to 8,81,254 people gave up their Indian citizenship. The trend accelerated post-pandemic after countries like Canada, New Zealand, Germany, and Ireland relaxed their immigration policies to attract skilled workers.


Such relocation has moved from the Arabian Gulf earlier, for often low-skilled and informal employment, to developed countries such as the US and UK for high-skilled jobs.

In 2020-21, the US became the largest remitter to India due to large stimulus packages and wage hikes in that country during the pandemic months and after.

“The structural shift in qualifications and destinations has accelerated growth in remittances tied to high-salaried jobs, especially in services,” the report said.

 
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