India leads global remittances with $70 billion in 2013

Remittances have turned into a key component of the Balance of Payments (BoP) of nations. As per the World Bank Report “Migration and Development Brief”, in the year 2013, India lead global remittances as it received $70 billion during 2013. Out of this $65 billion were earned from the India’s flagship software services exports. India is followed by China ($60 bn) and Philippines ($25 bn).
[icon name=”icon-hand-right”]Out of $70 bn total global remittances India received during 2013, $65 bn were from India’s Software Export Services.
As per the report, in 2013, remittance flows to developing countries was $404 bn and it is expected to rise 7.8% to $435.5 bn in 2014 and to $516 bn in 2016. International migrants from nations are anticipated to send more in remittances to their home lands in 2014, in spite of more expatriations from some host nations.
These remittance flows act as an antidote to poverty and encourage prosperity. The increase in remittances to the South Asia region has slackened, growing by a meek 2.3% to $111 billion in 2013, likened with an average yearly increase of more than 13% during the previous 3 years. There was a marginal increase in India of 1.7% in 2013.

Month: Current Affairs - April, 2014