Resilience in Remittances

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.