Remittances from West Asia hit in FY21 due to Covid-19 pandemic

According to an RBI survey, Indians in advanced nations, like the US & UK, emerged important sources of money

The money sent home by Indians from West Asian countries took a beating in 2020-21 due to the pandemic. On the other hand, overseas Indians in advanced nations — the United States, United Kingdom and Singapore — emerged as important sources of remittance, according to a Reserve Bank of India (RBI) survey.

Indians working in informal sectors in West Asia seem to have been impacted the most due to the lockdowns and subdued crude oil prices as well as slower pace of migration in recent years.

The stressed income conditions are discernible from the small-size transactions gaining share in total