Indian people working in other countries have send 69 billion US dollars to India in 2017. With this India has became largest remittance-receiving country in the world. There are huge number of Indian migrants working overseas. The report was prepared by’RemitSCOPE’. According to report, there has been total of USD 256 billion remittances to the Asia-Pacific region.
India with USD 69 billion is at number one position among other Asian countries. India is followed by China, Philippines with Remittances Received USD 64 billion and USD 33 billion respectively. Other top ten remittance- receiving countries in the world in 2017 includes Pakistan (USD 20 billion), and Vietnam (USD 14 billion) also.
Gulf States are number one from where most of the remittances sent to Asia and the Pacific. As per the report, out of 70% remittances sent to Asia and the Pacific region. The percentage is as under:
From Gulf States 32 per cent
North America 26 per cent
Europe (12 per cent)
These remittance figures are expected to go even more bigger in future. By the end of 2030, developing countries are expected to receive around USD 6 trillion in remittances. Now coming back to last year remittance report 2017 according to International Fund for Agricultural Development (IFAD), migrant workers sent USD 256 billion to their families in the Asia-Pacific region. This is equivalent to 53% of flows worldwide.