At $69 billion, India highest recipient of remittances

Washington/Delhi, April 23 

India retained the top position as recipient of remittances with its diaspora sending about $69 billion back home last year, the World Bank said on Monday.

Remittances to India picked up sharply by 9.9%, reversing the previous year’s dip, but were still short of $70.4 billion received in 2014.

In its latest Migration and Development Brief, the World Bank estimated that officially recorded remittances to low-and middle-income countries reached $466 billion in 2017.

This was an increase of 8.5% over $429 billion in 2016.

Global remittances, which include flows to high-income countries, grew 7% to $613 billion last year, from $573 billion in 2016, the bank said. The stronger than expected recovery in remittances is driven by growth in Europe, Russia and the US. The rebound in remittances, when valued in US dollars, was helped by higher oil prices and strengthening of euro and ruble, it added.

India continued to top in terms of receiving remittance, and was followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion), and Egypt ($20 billion).

The Bank said remittances to South Asia grew a moderate 5.8% to $117 billion.

Reversing previous year’s sharp decline (8.9% in 2016), remittances to India in 2017 picked up sharply by 9.9%, the bank said. As against $62.7 billion in 2016, it received $69 billion last year. — PTI