India tops global remittance-receiving

India has claimed the top spot among the remittance-receiving nations, surpassing China.

The United Nations, in its report, said Indians working across the globe sent home 62.7 billion US dollars last year.
The ‘One Family at a Time’ study by the UN International Fund for Agricultural Development said, about 200 million migrants globally sent more than 445 billion dollars as remittances in 2016 to their families.

Remittance flows have grown over the last decade from 296 billion in 2007 to 445 billion dollars in 2016.

It has risen at a rate averaging 4.2 per cent annually.

The study is the first-ever of a 10-year trend in migration and remittance flows over the period 2007-2016.

It said 80 per cent of remittances are received by 23 countries, led by India, China, the Philippines, Mexico and Pakistan.

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