India highest recipient of remittances at $69 billion, says World Bank Read more at: //economictimes.indiatimes.com/articleshow/63881096.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst
Apr 23, 2018, 04.35 PM IS Washington/New Delhi: India retained the top position as recipient of remittances with its diaspora sending about USD 69 billion back home last year, the World Bank said today. Remittances to India picked up sharply by 9.9 per cent, reversing the previous year's dip, but were still short of USD 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 USD 466 billion in 2017. This was an increase of 8.5 per cent over USD 429 billion in 2016. Global remittances, which include flows to high-income countries, grew 7 per cent to USD 613 billion last year, from USD 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 a strengthening of euro and rubl...