India tops remittances recipient list, despite drop
India, the largest economy in South Asia, despite facing a drop of $1 billion (Rs.6,6523 crore) in 2014, received highest remittances from overseas in 2015, revealed a report by World Bank on Thursday.
By attracting remittances worth $69 billion in 2015, down from $70 billion in 2014, India continued to be the top recipient of remittances in 2015, claimed the annual report 'Migration and Development Brief' of the World Bank.
Besides India, China received huge remittances valued at $64 billion. Philippines, Mexico and Nigeria received $28 billion, $25 billion and $21 billion, respectively.
Remittances to India declined by 2.1 per cent in 2015 marking the first drop since 2009, revealed the report.
The World Bank data shows that remittances to developing countries have increased by 0.4 percent, to $431.6 billion in 2015, compared to previous year.
Meanwhile, global remittances, including those to high-income economies, shrunk to $581 billion in 2015 from $592 billion in 2014, a decline of 1.7 percent.
According to a release, Augusto Lopez-Claros, Director - Global Indicators Group, World Bank said that remittances are a significant and stable income source for millions of families and a good source of foreign exchange for several developing nations.
“However, the slow growth in remittances or a drop may pose a hurdle before the developing nations and millions of poor families may face challenges in terms of education and health care in several parts of the world,” Augusto said.
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