$100 Billion Money Transfers From Abroad In 2022

The well-entrenched Indian diaspora will help the country reach a special milestone this year, according to international research reports. Asia’s third-largest economy is likely to receive more than $100 billion in yearly remittances in 2022, according to a World Bank report.

Money transfers from those working abroad are an important source of income for households in poorer countries. They not only reduce poverty but also lead to higher school enrolment in developing countries like India.

The main reason attributed to this is the fact that Indians have now moved into white-collar jobs or high-skilled jobs in high-income countries like the United States, United Kingdom, and Singapore from low-skilled employment in Gulf countries like Saudi Arabia, Kuwait, Qatar, etc.

India received $89.4 billion in 2021 as remittances, and they are expected to make up 3% of GDP in 2022. However, 2023 will test migrant Indians due to increasing inflation in the United States and slowing global growth