Global forex remittances shrink but India continues to be No 1
By TIOL News Service
NEW DELHI, APR 22, 2017: AS per the World Bank latest Report, though there has been a slide of about 9% in forex remittances to India in 2016, India continues to hold top slot. The decline is attributed to a sharp drop in oil prices.
India had received forex worth USD 69 bn in 2015 which has gone down to USD 62.7 bn in 2016 which is about 2.9% of India's GDP.
The Report states that global remittances have shrunk by 1.2% to USD 575 bn last year from USD 582 bn in 2015. Remittances to South Asian region nosedived by 6.4% last year.
After India, the second slot goes to China with USD 61 bn; the Philippines (.9 billion), Mexico (28.5 billion) and Pakistan (19.8 billion).
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