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Wed, Jul 24, 2019 | Last Updated 12:26 am IST

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World Bank says remittance inflow to India last year was USD 68.9 billion

World Bank says remittance inflow to India last year was USD 68.9 billion
World Bank says remittance inflow to India last year was USD 68.9 billion
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Accordingly India is going to witness a 16.18% increase in remittance inflow this year, the latest World Bank report on migration and remittances reveals. Meanwhile the remittance inflow to India in 2017 was $68.9 billion, according to the World Bank the remittance in 2018 is expected to be $79.4 billion. Meanwhile India is followed by China ($67 billion), Mexico and the Philippines ($34 billion each), and Egypt ($26 billion).



As per report advanced economies, particularly the United States, and the increase in oil prices having a positive impact on outflows from some Gulf Cooperation Council (GCC) countries, such as the United Arab Emirates, which reported a 13% growth in outflows for the first half of 2018. Furthermore the GCC is a regional inter-governmental political and economic bloc of Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the UAE.

World Bank says remittance inflow to India last year was USD 68.9 billion

Moreover the World Bank estimates that officially recorded remittances to developing countries will increase by 10.8% to reach $528 billion in 2018, against a 7.8% growth in 2017. Mahmoud Mohieldin, Senior Vice President for the 2030 Development Agenda, United Nations Relations, and Partnerships at the Bank said “Even with technological advances, remittance fees remain too high, double the SDG target of 3%. Opening up markets to competition and promoting the use of low cost technologies will ease the burden on poorer customers”.


World Bank says remittance inflow to India last year was USD 68.9 billion
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