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Why in the News?
In its monthly bulletin report, RBI highlights that despite pandemic, remittances inflows have registered an upward trend. Image Source: Times of IndiaAbout Remittances:
- The Ministry of External Affairs reports that there are more than 13.4 million non-resident Indians living abroad.
- They have helped India by increasing remittances, enhancing soft power, and integrating the Indian economy into the global economy.
- The inward remittances sent by these migrants to India are accounted under the Current Account Receipts under the Balance of Payments (BoP).
Highlights of the Report
- Remittances into India: India continues to be the largest remittance recipient country in the world in 2021 ($87bn) and has been so since 2008. The remittances into India account for 4% of GDP.
- Compositional shift in inward remittances:
- The share of remittances from the Gulf region in total remittances received by India has decreased from more than 50% in 2016–17 to about 30% in 2020–21.
- Further, due to steady migration of skilled workers to the advanced economies, share of countries such as US, UK and Singapore in the overall remittances has increased to 36 per cent in 2020-21.
