India top among countries getting remittances: WMR 2020

Indian Community event in Jakarta, Indonesia where PM Narendra Modi addressed the Indian Diaspora. File Photo.

New Delhi (NVI): India has topped the list of countries which get remittances from its Diaspora abroad, with the latest figure standing at 78.61 billion USD, according to World Migration Report 2020.

Meanwhile, sharing this information, India’s Ambassador & Permanent Representative to the United Nations, Syed Akbaruddin tweeted, “India’s Diaspora is 2nd to none in sending contributions home”.

According to the report, Non Resident Indians (NRI) in 2018 contributed 78.61 billion USD remittances to the country.

India for the third successive time has topped the list of countries receiving remittances. In 2010, India was the top country to send remittances of 53.48 billion USD and again led the table for the second consecutive time in 2015 receiving remittances of 68.91 billion USD, the report said.

The report further said that “There was a nine per cent increase in remittances in 2018, up from USD 633 billion in 2017”.

According to the World Migration Report 2020, in 2018, “India, China, Mexico, the Philippines and Egypt were the top five remittance recipient countries, although India and China were well above the rest, with total inward remittances exceeding USD 67 billion for each country”.

When it comes to India, according to the report, In 2010, India was the top country to send remittances of 53.48 billion USD and again figured as the top country for the consecutive time in 2015 receiving remittances of 68.91 billion USD.

In 2005, India was placed third as the Diaspora sent  contributions of 22.13 billion USD.

It said, the high-income countries are almost always the main source of remittances. For decades, the United States has consistently been the top remittance-sending country, with a total outflow of USD 67.96 billion in 2017, followed by the United Arab Emirates (USD 44.37 billion), Saudi Arabia (USD 36.12 billion) and Switzerland (USD 26.6 billion).