The following article is based on my own interpretation of the said events. Any material borrowed from published and unpublished sources has been appropriately referenced. I will bear the sole responsibility for anything that is found to have been copied or misappropriated or misrepresented in the following post.
Debarghya Poddar, MBA 2015-17, Vinod Gupta School of Management, IIT Kharagpur.
As per recently report of World Bank, India remained the world’s largest remittance recipient in 2015. It was revealed by the World Bank’s annual report Migration and Development Brief. In 2015, India attracted about 69 billion US dollars in remittances, down from 70 billion in 2014.
Key Highlights of Report :
Other large remittance recipients in 2015 were China (64 billion dollars), Philippines (28 billion), Mexico (25 billion) and Nigeria (21 billion dollar).
Global scenario: In 2015, global remittances which include those to high-income countries contracted by 1.7% to 581 billion US dollar compared to 592 billion in 2014.
Indian scenario: Remittances to India in 2015 decreased by 2.1 per cent to USD 68.9 billion. This marks the first decline in remittances since 2009.
Developing countries: Officially recorded remittances to developing countries amounted to 431.6 billion dollars in 2015, an increase of 0.4 per cent over 430 billion dollars in 2014.
The growth pace of remittances to developing countries in 2015 was seen as the slowest since the global financial crisis.
India’s neighbours: The growth of remittances in 2015 slowed from 8% in 2014 to 2.5% for Bangladesh, from 16.7% to 12.8% for Pakistan, and from 9.6% to 0.5% for Sri Lanka.