India tops the list of recipient of foreign remittances
As per the World Bank report- Migration and Remittance Flows: Recent Trends and Outlook-2013-16, India is the largest recipient of foreign remittances among developing economies in 2013.
Migration and Remittance Flows: Recent Trends and Outlook-2013-16 report:
- Non-Resident Indians (NRI) remitted a record 71 billion in 2013 compared to 70 billion in 2012.
- The remittances are likely to increase to $85 billion annually by 2015.
- India and China will represent nearly 1/3rd of total remittances to the developing world in 2013.
For India, nearly 40% of the remittances came from the gulf countries while 48% flowed from South Asian countries. - The developing world is expected to receive 414 billion in migrant remittances in 2013, an increase of 6.3% over year 2012. This is projected to surge to 540 billion by 2016.
- Globally, the world’s 232 million international migrants are expected to remit earnings worth 550 billion in 2013 and over 700 billion by 2016.
The top recipients of officially recorded remittances for 2013 are:
- India – $71 billion
- China – $60 billion
- The Philippines – $26 billion
- Mexico – $22 billion
- Nigeria – $21 billion
- Egypt – $20 billion
As a percentage of GDP, the top recipients of remittances, in 2012, were Tajikistan (48%), Kyrgyz Republic (31%), Lesotho and Nepal (25% each), and Moldova (24%). The volume of remittances in India is larger than the income from IT exports. With the depreciation of the Indian rupee, a rise in remittances is expected as NRIs take advantage of the cheaper goods, services and assets back home.
What is Remittance?
A remittance is a transfer of money by a foreign worker to his or her home country or simply sending amount from one country to another.
