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India Is Still The Top Receiver Of Overseas Remittance In The World

By Staff

In 2018, India retained its position as the world's top recipient of remittances at $78 billion, according to statistics disclosed in the World Migration Report 2020 released on Wednesday by International Organisation for Migration (IOM).

India Is Still The Top Receiver Of Overseas Remittance In The World

The ranking is justified considering that India's diaspora is the largest in the world at 17.5 million (as of mid-2019 as per Times of India's calculation of UN migration report) and send money back to the country.

India's remittances made for 11.4 percent of the global remittance figure of $689 billion. It was followed by China at $67.41 billion (9.8 percent of the global remittance) and Mexico at $35.7 billion (5.1 percent of the global figure).

In 2010 and 2015, the year for which data is available, India was the top recipient of remittance. In 2015, the country's remittance grew at nearly 29 percent from $53.48 billion in 2010 to $68.91 billion.

In comparison with 2015, India's remittance in 2018 rose by 14 percent, China's at 5.4 percent and Mexico's at 35.9 percent.

The report showed that the USA was the top source of remittance for Indians at $68 billion, followed by UAE ($44.4 billion) and Saudi Arabia ($36.1 billion).

Read more about: remittance forex
Story first published: Thursday, November 28, 2019, 14:28 [IST]
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