New York: India has become the world’s top country that receives most of its money from outside. The progress of India, with 18 million expatriates, has reached the top and left behind all other countries. Every year, $100 billion flows into India. According to World Bank data (PDF), the amount has already surpassed $100 billion this year.
Remittances to India have increased as a result of rising wages and strong labour markets in the United States and other OECD countries, according to the World Bank. Inward remittances account for roughly 3% of India’s GDP. Since 2021, there has been a 12% increase. According to the World Bank, expatriate income accounts for approximately 3% of the country’s GDP.
India’s diaspora diversity is not limited to Indian workers living abroad. Students who come here to study are also an important part of this.These, which formed high-income groups, also increased the pace of cash flow.
Previously, the Arabian Gulf countries were the primary havens for the Indian diaspora. It has now evolved into developed countries such as the United States and the United Kingdom. The World Bank also says that the US has become the country that sends the most money to India in 2020–21.
The depreciation of the rupee has also been a boon.
The increase is also attributed to the depreciation of the Indian rupee. Since January, the Indian rupee has fallen 10% against the US dollar, making it 26% cheaper to send money from South Africa to India. Similarly, the World Bank reports that the cost of remittances from Thailand has dropped by 17% and those from Japan by 14%.
8,81,254 people renounced their Indian citizenship.
As per World Bank data, between January 2015 and September 2021, 8,81,254 people renounced their Indian citizenship. Countries such as Canada, New Zealand, Germany, and Ireland accelerated the trend after the pandemic eased immigration policies to attract skilled workers, the report said.
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