India to Receive $800 Billion Remittance in 2018
12, Dec 2018
Prelims level : Global Remittance Report, GDP Mains level : GS 3: Economy | Indian Economy and issues relating to planning, mobilization of resources, growth, development and employment
Why in News?
- India is likely to receive total remittances of $ 800 billion, stated the Migration and Development Brief released by the World Bank on December 08, 2018.
- India was followed by China ($67 billion), Mexico and Philippines ($34 billion each) and Egypt ($26 billion) in the brief.
- When a foreign worker transfers money or something to family or any other individual living in his home country, it is called ‘Remittance. ‘Such transactions help in poverty alleviation in developing and low-income countries.
- According to the Brief, the global remittance including flows to high-income countries is expected to grow by 10.3 percent to $ 689 billion. In 2019, they are expected to grow 3.7 percent to $715 billion. Remittance to developing countries is expected to grow by 10.8 percent to achieve $ 528 billion in 2018. It grew by 7.8 percent in 2017.
- It is expected to grow by 4 percent for the low and middle-income countries in 2019.
- India registered a significant increase in the remittance flow, from $62.7 billion in 2016 to $65.3 billion in 2017. In the year 2017, it was estimated 2.7 percent of the GDP.