India, world’s largest recipient of remittances, received USD 87 bn in 2021: World Bank

India, the world’s largest recipient of remittances, received USD 87 billion in 2021 with the United States being the biggest source, accounting for over 20 per cent of these funds, according to the World Bank.

India is followed by ChinaMexico, the Philippines, and Egypt, the Washington-based global lender said in its report released on Wednesday.

In India, remittances are projected to grow three per cent in 2022 to USD 89.6 billion, reflecting a drop in overall migrant stock, as a large proportion of returnees from the Arab countries await return, it said.

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