A World Bank report revealed the fact that India has retained its top position in global remittance. India retained its position as the world’s top recipient of remittances with overseas Indians sending a whopping $79 billion in 2018.
India was followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion), the global lender said. With this, India has retained its top spot on remittances, according to the latest edition of the World Bank’s Migration and Development Brief.
Over the last three years, India has registered a significant flow of remittances from $62.7 billion in 2016 to $65.3 billion in 2017. According to the report, remittances to low-and-middle-income countries reached a record high of $529 billion in 2018, an increase of 9.6 per cent over the previous record high of $483 billion in 2017.
The remmittances in India grow by 14%. Regionally, growth in remittance inflows ranged from almost 7 per cent in East Asia and the Pacific to 12 per cent in South Asia.
Global remittances, which include flows to high-income countries, reached $689 billion in 2018, up from $633 billion in 2017, it said.