NRI Check: India holds first position in receiving remittances worth $80 billion says World Bank
World Bank in a report notified India to remain at the top position as the beneficiary of recieving remittances worth $80 billion from the Indians living abroad.
After India, comes China (USD 67 billion), Mexico the Philippines (USD 34 billion each) and Egypt (USD 26 billion), according to the global lender.
According tot the latest edition of the World Bank’s Migration and Development Brief, India has maintained its earlier position at the top spot.
The Bank estimates that officially-recorded remittances to developing countries will increase by 10.8 per cent to reach USD 528 billion in 2018. This new record level follows a robust growth of 7.8 per cent in 2017.
The global remittances which also means that the income will go to the high income ccountries will see an increase by 10.3 percent toUSD 689 billion, the report said.
Over the last three years, India has registered a significant flow of remittances from USD 62.7 billion in 2016 to USD 65.3 billion 2017. In 2017, remittances constituted 2.7 per cent of India's GDP, it said.
The stronger economic conditions is one of the causes the remittances witnessed an upsuge. Also, the increase in oil prices had a positive impact on the outflows from some GCC countries such as UAE which reported a percent growth in outflows for the first of the 2018.