The
report "Resilience in Remittances" examines the current state of
remittance flows to India and explores the resilience of the remittance market.
The report highlights the following key points:
- Despite
a decline in remittance inflows to India in 2020 due to the pandemic, the
remittance market has shown resilience and recovered in 2021.
- The
pandemic has led to a shift in the way remittances are sent, with an increase
in digital remittances and a decrease in cash-based remittances.
- The
report identifies key trends in the Indian remittance market, such as the use
of technology to enhance the remittance experience and the emergence of new
players in the market.
- Migrants
in India adopted various strategies to maintain their remittance flows,
including using digital channels, leveraging social networks, and adopting new
livelihoods.
- The
report identifies four key factors that contributed to the resilience of
remittances in India: the diverse and flexible nature of migrant livelihoods,
the high value that migrants place on remittances, the use of digital channels
to facilitate remittance flows, and the strength of migrant social networks.
- The
report recommends that policymakers should support the resilience of
remittances by investing in digital infrastructure, strengthening social
protection measures, and facilitating the integration of migrants into the
formal financial system.
- The
report suggests strategies for market players to capitalize on the
opportunities in the Indian remittance market, such as expanding digital
remittance capabilities, developing innovative products and services, and
strengthening partnerships with banks and other financial institutions.