This chapter examines the surge in remittances to India, surpassing $100 billion, and the role of digital payment companies in making these transactions more affordable. It also addresses the challenges of human capital loss and the aspirations of young professionals migrating for better job opportunities while exploring the economic and social implications of remittances in Indian communities.
Each year millions of Indians go abroad to study and work. A lot of them end up sending money back home, a transfer known as remittances.
The money is a crucial source of household income in low and middle-income countries, according to the World Bank. India is the only country to have received more than 100 billion dollars through this route - but it comes at a loss of its human capital. We speak to Indian expats and economists to explore the effect of remittances on the Indian economy.
Presenter/ producer: Devina Gupta
(Photo: Closeup view of a man counting Indian currency. Credit: Getty Images)