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India tops the world’s Remittance Recipients
By KTM Metro Reporter in Kathmandu
March 24, 2008: India received a $27 billion in remittance, beating China and Mexico to become the top country for such inflows Rediff.com quoted the World Bank report titled “Migration and Remittances Fact book 2008.” The inward remittance to India has more than doubled from about $12.89 billion in 2000 to $27 billion in 2007. In 2006, the inward remittance was $25.43 billion, while the outward was around $1.58 billion.
The top five recipients of remittance in 2007 were India ($27 billion), China ($25.7 billion), Mexico ($25 billion), the Philippines ($17 billion), and France ($12.5 billion), according to the World Bank report titled “Migration and Remittances Fact book 2008.”
Most of the remittances were channeled through Western Union and Money gram. However, online money transfer has gained momentum with the increasing reach of the Internet.
