Consider the following statements about the Remittances in India and identify the incorrect one s 1 ...........

Economic Affairs Balance of Payments

Consider the following statements about the Remittances in India and identify the incorrect one/s.

1. India is world’s largest remittance recipient country followed by Philippines.

2. Due to enhanced global prospects, the remittance receipts are registering a consistent increase in India for past several years.

3. Along with services, remittances from the part of invisibles in Balance of Payments and help in balancing the trade deficit in India.

Select the correct answer using codes given below

1 and 2 only

2 and 3 only

2 only

3 only

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Explanation:

..First statement is incorrect. India topped the list with $68 bn of remittance inflows, followed closely by China ($63.93 bn).
Philippines are the third highest remittance receiving country in the world.

Second statement is correct. Indians working abroad continue to send more money home than their counterparts from other countries, according to the World Bank figures on migration and remittances. Thus, India topped the list.
Third statement is correct i.e. Along with services, remittances from the part of invisibles in Balance of Payments and help in balancing the trade deficit in India.
Balance of Payments refers to the systematic and summary record of a country’s economic and financial transactions with the rest of the world, over a period of time.