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

Charming tales of the Snakeman’s early years

Snakes, Drugs and Rock ’N’ Roll: My Early Years By Romulus Whitaker with Janaki Lenin HarperCollins, 400 pages, Rs 699

Gripping graphic narrative helps make sense of pandemics past

The Moral Contagion By Julia Hauser and Sarnath Banerjee HarperCollins, 140 pages, Rs 699 The world has lar

“Globally, there is unprecedented positivity for India”

Addressing the Viksit Bharat Viksit Uttar Pradesh program in Lucknow on Monday, prime minister Narendra Modi launched 14,000 projects across the state, worth more than Rs 10 lakh crore at the fourth groundbreaking ceremony of UP Global Investors Summit held in February 2023. The projects relate to sectors

World’s biggest bird-a-thon begins in India

During the four days from Feb 16, more than a thousand birdwatchers throughout India are coming together with the goal of documenting as many birds as possible across the country’s diverse locations. Over one lakh birdwatchers globally participate in the annual Great Backyard Bird Coun

Comments sought on Draft Guidelines for Prevention of Misleading Advt in Coaching Sector

The Central Consumer Protection Authority has sought public comments on the ‘Draft Guidelines for Prevention of Misleading Advertisement in Coaching Sector’. The draft guidelines are placed on the website of the Department of Consumer Affairs and are accessible through the link:

Electoral bond scheme unconstitutional: Supreme Court

In a landmark judgment, the Supreme Court of India has held the anonymous, unregulated and unlimited funding through electoral bonds and companies as unconstitutional. The five-judge Constitution Bench of the Supreme Court comprising chief justice DY Chandrachud and justices Sanjiv Khanna, B

Visionary Talk: Amitabh Gupta, Pune Police Commissioner with Kailashnath Adhikari, MD, Governance Now


Archives

Current Issue

Opinion

Facebook Twitter Google Plus Linkedin Subscribe Newsletter

Twitter