Remittances: India retains top position

By: | Updated: April 24, 2018 6:26 AM

India also retained its top rank in terms of origin countries of international migrants with 16.4 million people, followed by Mexico at 11.9 million

World Bank, india , remittances to India, China,  Philippines, Nigeria, Migration and Development Brief, mexicoIndia also retained its top rank in terms of origin countries of international migrants with 16.4 million people in 2017, followed by Mexico at 11.9 million. (Reuters)

After a steep decline in 2016, remittances to India rose 9.9% in 2017 with total inflows of around $69 billion, the World Bank said on Monday, adding that the robust flows to the country are likely to continue in 2018. While India retained its top rank in remittance inflows, it was followed by China ($64 billion), the Philippines ($33 billion), Mexico ($31 billion), Nigeria ($22 billion), and Egypt ($20 billion). India would benefit from stronger economic conditions in advanced economies, particularly the US, and the positive impact of an increase in oil prices on the Gulf Cooperation Council countries (a major source of remittances to India), the World Bank said in its latest Migration and Development Brief.

India also retained its top rank in terms of origin countries of international migrants with 16.4 million people in 2017, followed by Mexico at 11.9 million.

China is at the fourth place with 10.1 million.Global remittances, which include flows to high-income countries, grew 7% to $613 billion in 2017 from $573 billion in 2016.

Get live Stock Prices from BSE and NSE and latest NAV, portfolio of Mutual Funds, calculate your tax by Income Tax Calculator, know market’s Top Gainers, Top Losers & Best Equity Funds. Like us on Facebook and follow us on Twitter.

Switch to Hindi Edition