India top the list as recipient of remittances, says world bank report

India remained at the top position as a recipient of remittances with its Diaspora sending about USD 69 billion last year, the World Bank said. Remittances to India picked up sharply by 9.9 percent revising the previous year’s dip, but we are still short of USD 70.4 billion received in 2014. World bank estimated that officially recorded remittances to low and middle income countries reached UDS 466 billion in 2017, in its latest Migration Development brief. This was an increase of 8.5% over USD 429 billion in 2016, global remittances which include flows to high income countries, grew 7% to USD 613 billion last year from USD 573 billion in 2016, the bank said.

The stronger expected recovery in remittances is driven by growth, Russia and US. India continued to top in terms of receiving remittance and was followed by China (USD 64billion), Philippines (USD 33billion), Nigeria (USD 22 billion) and Egypt (USD 20 billion).In 2017 there were 16.4 million Indians living abroad, Mexico and Russia had 11.9 million and 11 million respectively, working abroad, China had the fourth largest overseas population at slightly over 10 million. The increase in levels of income in India and China and the increase in their population abroad have helped them augment migration from these countries to west.

This was the reason why the world’s second highest and two Asian neighbors accounted for one-fifth of global remittances inflows. Out of 131 countries from where India received remittances the ones from UAE were highest, UAE contributed $13.8 billion or 20% India’s total receipts. It was followed by US; Saudi Arabia, Qatar and UK, there were 12 countries from which India received access of $1bilion each. Out of them 6 are in West Asia, the region accounting for India’s 55.6% of total remittances. The upsurge is likely to continue on the back of stronger economic conditions in advancing economies and an increase in oil prices that should have a positive impact of GCC countries.