India received $87 billion in remittances in 2021

India received $87 billion in remittances in 2021, and the United State was the biggest source, accounting for over 20 per cent of these funds, the World Bank said in its latest report on Wednesday.

"Flows to India (the world's largest recipient of remittances) are expected to reach $87 billion, a gain of 4.6 per cent — with the severity of COVID-19 caseloads and deaths during the second quarter (well above the global average) playing a prominent role in drawing altruistic flows (including for the purchase of oxygen tanks) to the country," the World Bank report stated.

India is followed by China, Mexico, the Philippines, and Egypt, the report said. In India, remittances are projected to grow three per cent 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, it said.