India Becomes Largest Remittances Receiving Country

According to World Bank, India became the largest remittances receiving country at $72 billion this year followed by China at $64 billion.

current affairsThe US emerged as the largest remittance source country with an estimated $56 billion in outward flows in 2014.

India was the largest remittance receiving country, with an estimated $72 billion in 2015, followed by China ($64 billion), and the Philippines ($30 billion).

In outward flow, the US was followed by Saudi Arabia ($37 billion), and Russia ($33 billion) in 2014.

International migrants will send $601 billion to their families in their home countries this year, with developing countries receiving $441 billion, the report produced by the World Bank Group’s Global Knowledge Partnership on Migration and Development (KNOMAD) initiative said.

At more than three times the size of development aid, international migrants’ remittances provide a lifeline for millions of households in developing countries. In addition, migrants hold more than $500 billion in annual savings.

The top 10 migrant destination countries are the US, Saudi Arabia, Germany, Russia, the UAE, UK, France, Canada, Spain and Australia.

The top 10 migrant source countries are India, Mexico, Russia, China, Bangladesh, Pakistan, the Philippines, Afghanistan, Ukraine, and UK.

Mexico-US was the largest migration corridor in the world, accounting for 13 million migrants in 2013.

Russia-Ukraine was the second largest, followed by Bangladesh-India, and Ukraine-Russia.