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16 Apr, 2015

India tops in remittances, receives $70 billion – Hindustan Times

The World Bank has said India continues to be the leading nation in remittances pulling in $70 billion from its global migrant workforce in 2014.

World Bank’s study of remittance, the money workers and professionals working in foreign lands send back to their native countries, attributed this mainly to weak economic growth in Europe, deterioration of the Russian economy and the depreciation of the euro and ruble.

Remittances to the developing world are expected to reach $440 billion in 2015, an increase of 0.9% over the previous year. Global remittances, including those to high income countries, are projected to grow by 0.4% to $586 billion.

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