According to a report by the World Bank, India retained its position as the world’s top recipient of remittances with its diaspora sending $79 billion back home in 2018.
The latest edition of the World Bank’s Migration and Development Brief reports that India is followed by China ($67 billion), Mexico ($36 billion), the Philippines ($34 billion), and Egypt ($29 billion). “Remittances grew by more than 14 per cent in India, where a flooding disaster in Kerala likely boosted the financial help that migrants sent to families,” the Bank noted.
Dilip Ratha, lead author of the Brief and head of KNOMAD the Global Knowledge Partnership on Migration and Development established by the World Bank, said, “Remittances are on track to become the largest source of external financing in developing countries. The high costs of money transfers reduce the benefits of migration. Renegotiating exclusive partnerships and letting new players operate through national post offices, banks, and telecommunications companies will increase competition and lower remittance prices.”
