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?

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.

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Categories: Business & Economy Current Affairs 2017International Current Affairs 2017

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