Remittances received by Indians abroad up to $63 bn: UN report

UNITED NATIONS: Indians working across the globe sent home $62.7 billion last year, making India the top remittance-receiving nation surpassing China, said a report.

The ‘One Family at a Time’ study by the UN International Fund for Agricultural Development (IFAD) said about 200 million migrants globally sent more than $445 million in 2016 as remittances to their families, helping to lift millions out of poverty.

Remittance flows have grown over the last decade at a rate averaging 4.2% annually, from $296 billion in 2007 to $445 billion in 2016. The study is the first-ever of a 10-year trend in migration and remittance flows over the period 2007-2016. It said 800% of remittances are received by 23 countries, led by India, China, the Philippines, Mexico and Pakistan.

The top 10 sending countries account for almost half of annual flows, led by the US, Saudi Arabia and Russia. India was followed by China ($61 billion), the Philippines ($30 billion) and Pakistan ($20 billion). In the decade between 2007 and 2016, India surpassed China to become the top receiving country for remittances. In 2007, India was on the second spot, behind China, with $37.2 billion in remittances as compared to $38.4 billion for China.

The study said Asia is the highest originating region with 77 million migrants; with 48 million remaining within the region.

Asia remains the main remittance-receiving region, with 55% of the global flows and 41% of total migrants. The study added that the amount of money migrants send to their families in developing countries has risen by 51% the past decade — far greater than the 28% increase in migration from these countries.

INDIA WAS FOLLOWED BY CHINA ($61 BILLION), THE PHILIPPINES ($30 BILLION) AND PAKISTAN ($20 BILLION)