India top recipient of remittances

India received remittances to the tune of $27 billion in first six months of the current financial year, retaining its top position in the sector.

Overseas Indian Affairs Minister Vayalar Ravi said as per a World Bank report India continued to be the largest recipient of the remittances from diaspora in 2010.

He said India received a total of $53.9 billion as remittances in the year 2009-10 while in 2008-09, the amount was $46.9 billion.

"As per the World Bank report, India continues to be the largest recipient of the remittances from diaspora in 2010," he said replying to a question in Lok Sabha.

The World Bank had earlier in a report said Indian expatriates are expected to remit about $55 billion into the country this year.

India is likely to stay as the top receiver of remittances in 2010, as inflows of $51 billion to China keep it a place down while Mexico at third spot is expecting $22.6 billion from its overseas population.

The World Bank in its 'Migration and Remittances Factbook 2011' report had said worldwide inflows are expected to reach $440 billion by the year end, with remittances to developing nations likely to reach a record $325 billion from the 2009 figure of $307 billion.

The top remitting countries in 2009 were United States ($48.3 billion), Saudi Arabia ($26 billion) and Switzerland ($19.6 billion).

Remittances remained resilient of external financing during the recent global financial crisis and were steady despite the pangs of financial reconstruction in the developed world, the report had said.