Friday, 21 March 2008

India top receiver of remittances

India top receiver of remittances
21 Mar 2008, 0114 hrs IST,IANS

WASHINGTON: An estimated 5.7 million Indian workers abroad sent home $27 billion in 2007 to make India the top receiver of migrant remittances while the US was the main remittance source, according to latest World Bank data. Workers from China ($25.7 billion), Mexico ($25 billion), the Philippines ($17 billion), and France ($12.5 billion) made up the rest of top five, the bank’s new Migration and Remittances Factbook 2008 released said.

While South-South migration nearly equals South-North migration, rich countries are still the main remittances source, led by the US, it said.

The US was also the top immigration country in 2005, with 38.4 million immigrants, followed by the Russian Federation (12.1 million), and Germany (10.1 million). Among low-income countries, India had the highest immigration volume (5.7 million), followed by Pakistan (3.3 million). The factbook provides snapshots of statistics on migration, recorded remittances flows and skilled emigration for 194 countries and 13 regional and income groups.

"Migration is sometimes used as a political pawn, and policies are too often based on anecdotes or misconceptions," said Uri Dadush, director of the World Bank’s development prospects group and international trade department.

"By presenting the numbers and facts behind these stereotypes, this publication aims to paint a more objective picture of a crucial aspect of development," added Dadush who also chairs the World Bank’s working group on migration.

As migrant remittances have ballooned in size, they have caught the attention of high-level policymakers. For 2007, recorded remittances flows worldwide are estimated at $318 billion, of which $240 billion went to developing countries.

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