Remittances to India likely to decline by 23% in 2020 due to COVID-19

According to a World Bank report on the impact of the COVID-19 on migration and remittances, the remittances to India are likely to drop by 23 percent in 2020 to USD 64 billion, due to the Corona virus pandemic, which has resulted in a global recession.
This is in contrast with the growth of 5.5 percent and receipts of USD 83 billion in 2019.
Similarly, the global remittances are projected to decline sharply by about 20 percent this year, due to the economic crisis induced by the pandemic and shutdowns.
Remittances to low and middle-income countries (LMICs) are projected to fall by 19.7 percent to $445 billion, from $554 billion in 2019.