India remittances set to hit record $100 billion in 2022

Friday, 2 December 2022newsdesk

Indians are set to receive $100bn in remittances this year, according to a World Bank report - the first time a single country has reached that number.

New Delhi, 02 December2022

The increase was led by wage rises and strong labour markets in the US and other developed countries. In total, the amount of money sent back home by migrants around the world has grown by 5% in 2022. The money is a crucial source of household income in low and middle-income countries, the World Bank says. Remittances are associated with improved health and social indicators, for example increased birth weight and higher school enrolment figures.

Source - BBC