India expected to retain top slot in inward remittances
In the World Bank’s latest ‘Migration and Development Brief’, India has remained the top country to receive inward remittance with a total of $71 bn just this year. This stable inflow of remittances is important in boosting India’s balance of payments
The report predicts a modest rise of 1.5% in the inwards remittances to India during 2014.
However, remittances to the developing countries are expected to increase by 5% to reach $435 bn in 2014, driven largely by remittances to Asia and Latin America. Remittances to the South Asia are expected to improve after a slower growth in 2013.
Global remittances are estimated to increase from $582 bn to $608 bn in 2014
Though the rise in inward remittances is a positive development, the rise in forced migration has revealed the troubling circumstances that are prevalent across the world. Forced Migration due to conflict were at their highest level since World War II, affecting over 51 mn people. An additional 22 mn people have been forced to move due to natural disasters.