17/05/2021 Remittances to India take a hit as migrant workers return from Gulf amid Covid-19 | Deccan Herald Subscribe $548 billion, according to the Migration and Development Brief. To Epaper The decline was smaller than the one during the 2009 global financial crisis (4.8 per cent). Also, remittances did not decline as much as FDI flows to LMICs, excluding flows to China, fell by over 30 per cent in 2020. As a result, remittance flows to LMICs (excluding China) surpassed the sum of FDI and overseas development assistance in 2020. “Foremost among the drivers of remittance flows and reasons behind their resilience during the crisis was migrants’ desire to help their families, to send money home by cutting consumption or drawing on savings,” said Dilip Ratha, Lead Economist, Migration and Remittances and Head of KNOMAD. Assembly Elections 2021 | Catch all the news updates here Deccan Herald News now on Telegram - Click here to subscribe India Remittance World Bank China Pakistan Bangladesh Indian economy https://www.deccanherald.com/business/economy-business/remittances-to-india-take-a-hit-as-migrant-workers-return-from-gulf-amid-covid-19-98… 3/6

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