With $78 billion, India still highest overseas remittance receiver
India continues to retain its position as the world's top recipient of remittances, with its diaspora sending back $78.6 billion in 2018. Considering that India's diaspora is the largest in the world, at 17.5 million (as of mid-2019), this ranking in terms of remittances is not surprising. India's remittances were 14% of the global remittance figure of $689 billion. China was next in line, with remittances of $67.41 billion (which is 5.4% of the global remittance figure).
Even in 2010 and 2015, for which data is available, India was the top recipient of remittances. Remittances during 2010 were $53.48 billion, rising to $68.91 in 2015 - an increase of nearly 29%. The increase in remittance between 2015 and 2018 is 14%. As compared with the remittances in 2010, the latest figure of $78.61 billion shows a rise of nearly 47%. These statistics were disclosed in the World Migration Report 2020, which was released on Wednesday by International Organisation for Migration (IOM), which is United Nations' migration unit.
High income countries are almost always the main source of remittances. For decades, the US has consistently been the top remittance-sending country, with a total outflow of $68 billion, followed by UAE ($44.4 billion) and Saudi Arabia ($36.1 billion), the report states.
TOI had in its edition of September 19 analysed the raw data set that had been released by the UN earlier, which is now contained in the migration report. At 17.5 million, India's diaspora was the largest in the world during 2019, with majority of Indians in UAE (3.4 million), US (2.7 million) and Saudi Arabia (2.4 million). Mexico's diaspora of 11.8 million was the second largest, followed by China at 10.7 million.
Regular Guy8 hours ago
India can double that figure if it worked with foreign go nments to allow Indian nationals to settle overseas. Start exporting people, will have lot of benefits.
Common ManIndia5 hours ago
Bring more reservations, attract university students, maintain no law and order and this figure will keep on rising. Congratulations
Maneesh Ramanadham7 hours ago
though 78 billion is a huge figure, it is not relatively large to the expanse of diaspora we have. Not everyone is sendinc money back home. We need policies to encourage NRIs to invest money back home, to double or triple this number.
Sanjoy PandeyKolkata5 hours ago
What about the outflow of funds from India by corrupt politicians, businessmen and officials by hawala ?
Sandeep Srikumar7 hours ago
That will not make India a developed country!
modi oh modiUAE4 hours ago
Indians work as beggars and slaves over seas to send money back to save their family from starving. Now Modi''s go nment is claiming the credits.
Harry Potter8 hours ago
maximum remitance coming from muslim countries in middile east.
Strategic Speaking2 hours ago
I really cant understand why people going to other countries when there are enough opportunities as "Pakoda Maker" and "Gowrakshaks".
Ansasikarbangalore7 hours ago
17.5 Million remitted USD 78 billion. ? something wrong.
Gouranga Mahato1 hours ago
Pradeep3 hours ago
Not surprising. This is a numbers game. The remittances can go up as Indians are the largest diaspora in the world.
Krishan Kumar TotlaniJaipur3 hours ago
Good, India retained its position as the world''s top recipient of remittances with its diaspora sending a whopping USD 78 billion back home in 2018. It indicates the NRI''s love for their country.
ShyamalNew Delhi3 hours ago
This is compulsion of Indians they go overseas for their livelihood due to unemployment,
Maddy Mark3 hours ago
Pathetic statistics proving Indians are forced to go abroad to earn a living.
Sambappa Kalvala4 hours ago
We don’t know how to earn money thru business outside India.But the guys who are frustrated in India earn foreign exchange for the country
Choukidar5 hours ago
it's one of shameful claim.Nothing to feel proud about.
Ananth Narayan• 3 hours ago
No income tax in gulf countries.
aaaa bbbb• 6 hours ago
India has huge expats livings in different parts of the world who send money home.
ash big10• Saurashtra • 6 hours ago
The higher the remittances, The worst situation at home. Earlier for Konkan, Bihar and UP it was Mumbai Money order economy. Now for entire country it is USD economy. Khush hone wali baat nahi hai.