In terms of money remittances by foreign nationals, India ranks first in the world. The World Bank has said in a report that this year Indians settled around the world sent $ 87 billion i.e. Rs 6,52,500 crore to India. More than a quarter of this total has been sent from the United States.
In terms of sending money from foreign nationals to their homes, India is followed by China, Mexico, the Philippines, and Egypt. However, it is expected that remittances to India will increase by only 3% next year. The reason for this is that, during the Corona crisis, the number of workers leaving India for other countries decreased, while the number of people waiting to return to India from Arab countries increased continuously.
Know what the World Bank report says
According to the World Bank’s report, during the second wave of the Corona crisis, due to a lack of oxygen in India, the health expenditure needs of many people increased significantly. In such a situation, relatives who are living abroad were help them a lot. By the way, even in a normal environment, India has topped the list of countries receiving money from their citizens living abroad in recent years. According to a World Bank report, the amount of remittances sent by its citizens to low- and middle-income countries is expected to rise by 7.3 percent this year, reaching more than $589 billion, or approximately Rs 44.17 lakh crore.