Explanation:

Remittances are usually understood as financial or in-kind transfers made by migrants to friends and relatives back in communities of origin.

• These are basically sum of two main components - Personal Transfers in cash or in kind between resident and non-resident households and Compensation of Employees, which refers to the income of workers who work in another country for a limited period of time.
• Remittances help in stimulating economic development in recipient countries, but this can also make such countries over-reliant on them.
• According to the World Bank’s Migration and Development Brief, India has become the world’s largest recipient of Remittances, receiving USD 87 billion (a gain of 4.6 % from previous year) in 2021.
• India is followed by China, Mexico, the Philippines, and Egypt.
• The United States being the biggest source, accounting for over 20% of all Remittances.

Hence only statement 1st is correct.