Indians working across the globe sent home USD 62.7 billion last year, making India the top remittance-receiving country surpassing China, says a UN report.
The ‘One Family at a Time’ study by the UN International Fund for Agricultural Development (IFAD) said about 200 million migrants globally sent more than $445 million in 2016 as remittances to their families, helping to lift millions out of poverty.
1.Remittance flows have grown over the last decade at a rate averaging 4.2 per cent annually, from USD 296 billion in 2007 to USD 445 billion in 2016.
2.The study is the first-ever of a 10-year trend in migration and remittance flows over the period 2007-2016.
3.It said 80 per cent of remittances are received by 23 countries, led by India, China, the Philippines, Mexico and Pakistan.
4.The top 10 sending countries account for almost half of annual flows, led by the US, Saudi Arabia and Russia.