Indian migrants set to send record $136 billion back home in 2022

Migrant workers from India are on track to send home a record amount of money this year, boosting the finances of Asia's third-largest economy, which is poised to retain its spot as the world's top recipient of remittances.

Remittance flows to India will rise 12 per cent to reach US$100 billion (S$136 billion) this year, according to a World Bank report published on Wednesday.

That puts its inflows far ahead of countries including Mexico, China and the Philippines.

Highly-skilled Indian migrants living in wealthy nations such as the United States, Britain and Singapore are sending more money home, according to the report.

Over the years, Indians have moved away from doing lower-paid work in places like the Gulf. Wage hikes, record-high employment and a weakening rupee also supported growth.

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