Migration and Development Brief Report:
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Prepared by: The report is prepared by the World Bank.
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Aim: The report aims to provide an update on migration and remittance flows and related policies.
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The report is produced twice a year.
Key Findings of the Migration and Development Brief:
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India is the world’s largest recipient of remittances.
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It received $87 billion in 2021.
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India had received over $83 billion in remittances in 2020.
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Reasons for the increase in Remittances:
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Migrants determination to support their families in times of need.
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Stronger oil prices and the resulting pickup in economic activity in Gulf.
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Severity of caseloads and deaths during the second wave of pandemic played a prominent role in drawing substantial flows (including for the purchase of oxygen tanks) to the country.
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Biggest Source of Remittance for India: The United States was the biggest source, accounting for over 20% of these funds.
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Other Countries: India was followed by China, Mexico, the Philippines, and Egypt.
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Projections for 2022: In India, remittances are projected to grow 3%in 2022 to $89.6 billion, reflecting a drop in overall migrant stock as a large proportion of returnees from the Arab countries await the return.