India to retain top position in remittances with $80 bn: World Bank

  • India will retain its position as the world’s top recipient of remittances this year with its diaspora sending a whopping $80 billion back home according to the World Bank’s Migration and Development Report.
  • India is followed by China ($67 billion), Mexico and the Philippines ($34 billion each) and Egypt ($26 billion).
  • The Bank estimates that officially-recorded remittances to developing countries will increase by 10.8 per cent to reach $528 billion in 2018. This new record level follows a robust growth of 7.8 per cent in 2017.