India is all set to become the first country in the world to receive $100 billion in remittances this year from migrant workers abroad, according to a report by the World Bank.

• Remittances to India is money transfers from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India and account for nearly 3% of India’s gross domestic product (GDP).
• The World Bank study also reveals that the US has replaced the UAE as the top source country for remittances to India.
• India had received $89.4 billion in remittances in 2021 and this year it will be about $100 billion