InvestorQ : How come India’s foreign remittances still remain strong during COVID too?
vaishnavi mhatre made post

How come India’s foreign remittances still remain strong during COVID too?

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vidhya Laxmi answered.
1 month ago
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That is an interesting question because India $83 billion in the form of external remittances in the year 2020. This is almost at par with what it got in calendar year 2019. What is surprising is that these flows came in despite the pressure of COVID-19. Even more surprising is the fact that the figure was maintained despite a sharp fall in the remittances from the lucrative United Arab Emirates, which has a huge Indian expat population.

This was highlighted in a report issued by the World Bank. In comparison, the second best was China which received $59.5 billion in remittances in the same year, followed by Mexico and the Philippines. As the report pointed out, the remittances from the UAE fell by 17% but this fall was more than offset by remittances from other geographies including Asia, Europe and even the Americas.

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