Remittances to India are likely to drop by 23% from $83 billion last year to $64 billion this fiscal due to the Coronavirus pandemic, which has resulted in a global recession. World Bank has estimated that it expects global remittances into most of the emerging markets to decline by at least 20% YOY. The projected fall will be the sharpest fall in recent history and is largely due to a fall in the wages and employment of migrant workers, who tend to be more vulnerable to loss of employment during an economic crisis. The deadly Coronavirus has so far infected over 2.70 million people and claimed more than 184,230 lives across the globe.