India acquired $83 billion in remittances in 2020: World Bank report

India acquired over USD83 billion in remittances in 2020, a drop of simply 0.2 per cent from the earlier yr, regardless of a pandemic that devastated the world financial system, in keeping with a World Bank report.
China, which acquired USD 59.5 billion in remittances in 2020 towards USD 68.3 billion the earlier yr, is a distant second by way of world remittances for the yr passed by, as per the newest World Bank knowledge launched on Wednesday.
In 2019, India had acquired USD83.3 billion in remittances.
The report mentioned India’s remittances fell by simply 0.2 per cent in 2020, with a lot of the decline as a result of a 17 per cent drop in remittances from the United Arab Emirates, which offset resilient flows from the United States and different host international locations.
India and China are adopted by Mexico (USD42.8 billion), the Philippines (USD34.9 billion), Egypt (USD29.6 billion), Pakistan (USD26 billion), France (USD24.4 billion) and Bangladesh (USD21 billion), it confirmed.

In neighbouring Pakistan, remittances rose by about 17 per cent, with the largest progress coming from Saudi Arabia, adopted by the European Union international locations and the United Arab Emirates.
In Bangladesh, remittances additionally confirmed a brisk uptick in 2020 (18.4 per cent), and Sri Lanka witnessed remittance progress of 5.8 per cent.
In distinction, remittances to Nepal fell by about two per cent, reflecting a 17 per cent decline within the first quarter of 2020.
The World Bank, in its newest Migration and Development Brief, mentioned regardless of COVID-19, remittance flows remained resilient in 2020, registering a smaller decline than beforehand projected.
Officially recorded remittance flows to low- and middle-income international locations reached USD540 billion in 2020, simply 1.6 per cent under the 2019 whole of USD548 billion.
“As COVID-19 still devastates families around the world, remittances continue to provide a critical lifeline for the poor and vulnerable,” mentioned Michal Rutkowski, Global Director of the Social Protection and Jobs Global Practice on the World Bank.
“Supportive policy responses, together with national social protection systems, should continue to be inclusive of all communities, including migrants,” Rutkowski added.

Remittance inflows rose in Latin America and the Caribbean (6.5 per cent), South Asia (5.2 per cent) and the Middle East and North Africa (2.3 per cent).
However, it fell for East Asia and the Pacific (7.9 per cent), for Europe and Central Asia (9.7 per cent), and for Sub-Saharan Africa (12.5 per cent), the report confirmed.
The decline in flows to Sub-Saharan Africa was virtually fully as a result of a 28 per cent decline in remittance flows to Nigeria. Excluding flows to Nigeria, remittances to Sub-Saharan Africa elevated by 2.3 per cent, demonstrating resilience.
The comparatively sturdy efficiency of remittance flows throughout the COVID-19 disaster has additionally highlighted the significance of well timed availability of knowledge. Given its rising significance as a supply of exterior financing for low- and middle-income international locations, there’s a want for higher assortment of knowledge on remittances, by way of frequency, well timed reporting, and granularity by hall and channel, it mentioned.
“The resilience of remittance flows is remarkable. Remittances are helping to meet families’ increased need for livelihood support,” mentioned Dilip Ratha, lead writer of the report on migration and remittances and head of KNOMAD.

“They can no longer be treated as small changes. The World Bank has been monitoring migration and remittance flows for nearly two decades, and we are working with governments and partners to produce timely data and make remittance flows even more productive,” Ratha mentioned.
Remittance outflow was the utmost from the United States (USD68 billion), adopted by UAE (USD43 billion), Saudi Arabia (USD34.5 billion), Switzerland (USD27.9 billion), Germany (USD22 billion), and China (USD18 billion).
Remittances outflow from India in 2020 was USD7 billion, towards USD7.5 billion in 2019, in keeping with the World Bank.