According to a latest report issued by the World Bank, India is expected to retain its position as the world’s largest remittance recipient in 2017. The Indian diaspora across the world is estimated to pump in USD 65 billion in 2017, as per the World Bank report.
Remittances to India, the top remittances receiving nation in the world, will reportedly grow by 4.2 per cent in 2017 to USD 65 billion. In 2016, India received remittances amounting to USD 62.7 billion. The report further said that the total Indian worker outflow fell from 781,000 in 2015 to 506,000 in 2016.
Remittances are a lifeline for developing countries, say experts. After India, the other top remittances receiving nations are China (USD 61 billion), Philippines (USD 33 billion), Mexico (USD 31 billion) and Nigeria (USD 22 billion).