India was top receiver of remittances in 2020: World Bank

Compiled by: Our Bureau

(Our Bureau, May 13) The Covid-19 pandemic has not come in the way of Indians sending money back to  their families and businesses in 2020. A World Bank report said India received over $83 billion in remittances in 2020, way ahead of China’s $59.5 billion. “Remittances continue to provide a critical lifeline for the poor and vulnerable,” said Michal Rutkowski of the World Bank. A 17% drop in remittances from the UAE checked the high inflow from other nations led by the US. Compared to 2019, India’s remittance fell only 0.2% from $83.3 billion. Pakistan witnessed a 17% rise in inflows despite Premier Imran Khan chastising diplomats for not wooing the diaspora for getting more investments to the country.

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