Migrant Indians keep India at the top with $70 billion remittances

China is second in the World Bank study; total remittances in 2014 reach $583 billion

GN Bureau | April 14, 2015


#Migrant Indians   #remittances   #India   #China   #World Bank   #Diaspora savings  

Call it increasing faith in growth story of India or patriotism or failing economies in Europe, India is the leading nation in receiving remittances from Indians in foreign countries. India received $70 billion from its global migrant workforce in 2014. China follows with $64.14 billion.

According to World Bank's study of remittance total remittances in 2014 reach $583 billion. Remittances to the developing world are expected to reach $440 billion in 2015, an increase of 0.9 per cent over the previous year. Global remittances, including those to high income countries, are projected to grow by 0.4 per cent to $586 billion.

Full Report: Click Here

United States, Saudi Arabia, Germany, Russia and the United Arab Emirates (UAE) remained the top five  migrant destination countries and apart from India, China, Philippines, Mexico and Nigeria are the top five remittance recipient countries, in terms of value of remittances, the report said.

This is attributed this mainly to weak economic growth in Europe, deterioration of the Russian economy and the depreciation of the euro and ruble.

Very healthy growth
In line with the expected global economic recovery next year, the global flows of remittances are expected to accelerate by 4.1 percent in 2016, to reach an estimated $6 10 billion, rising to $636 billion in 2017.

Remittance flows to developing countries are expected to recover in 2016 to reach $459 billion, rising to $479 billion in 2017, the World Bank said.

The global average cost of sending $200 held steady at 8 per cent of the value of the transaction, as of the last quarter of 2014.

Mode of transfer
Despite its potential to lower costs, the use of mobile technology in cross-border transactions remains limited, due to the regulatory burden related to combating money laundering and terrorism financing, the report said.

International remittances sent via mobile technology accounted for less than two percent of remittance flows in 2013, according to the latest available data.

In addition to sending money to their families, international migrants hold significant savings in their destination countries. 'Diaspora savings' attributed to migrants from developing countries were estimated at $497 billion in 2013, the latest data available.

Comments

 

Other News

“Cancer is just a mind game”

Dr. Ananda Shankar Jayant, a Padma Shri awardee, inspired audiences for decades through her mastery of Bharatanatyam and Kuchipudi. But it was her journey through cancer that taught some of life`s most powerful lessons in courage and resilience.

Why Swami Vivekananda is the pathfinder for our times

Swami Vivekananda for Our Times  Edited and compiled by Rajiv Sikri, with Introduction by S. Gurumurthy Rupa Publications, 552 pages, Rs 695  

Five ways to realise the potential of India’s handicraft and handloom sector

India`s economic ambitions are increasingly defined by the industries of the future. Semiconductors, electronics, artificial intelligence and advanced manufacturing dominate policy conversations. Yet one of India`s largest employment-intensive sectors continues to occupy a surprisingly marginal place in ec

Beyond toilets: Why open defecation persists in rural India

Despite the awareness campaigns on sanitation across India, open defecation (OD) is practised openly and widely in both rural and urban areas. Research shows that rural respondents are well aware of the negative impacts of OD, yet this awareness does not lead to toilet construction or use. In rural North I

What unpaid nation builders want from policymakers

The Supreme Court recently described homemakers as “nation builders” and fixed a notional monthly income of Rs 30,000 for them in motor accident compensation cases. The judgment was not about wages. It was about compensation. Yet it inadvertently raised a larger economic question: If a homemake

What the US–Iran peace deal means for India

After months of rising tensions, the United States and Iran have reached a memorandum of understanding called the "Islamabad Agreement." This agreement allows for the immediate reopening of the Strait of Hormuz without tolls and provides Iran with relief from sanctions, depending on its complianc





Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter