The Indian economy is proliferating by leaps and bounds whilst providing new avenues and poising us in the top position among other developing countries in the remittance sector. According to the World Bank, India is expected to receive a total remittance of $80 million in 2018. Among major remittance recipients, India has retained its top position followed by China, Mexico, Egypt and the Philippines. It has been noted that over the last three years, India has registered a significant flow of remittances from $62.7 billion in 2016 to $65.3 billion 2017. In addition, the Bank has estimated that officially-recorded remittances to developing countries will increase by 10.8 % to reach $528 billion in 2018. This new record level follows a robust growth of 7.8 %during 2017.
The World Bank’s report has explicated that global growth is projected to be moderate, future remittances to lowand middle-income countries are expected to grow moderately by 4 %and Global remittances are expected to grow by 3.7 % in 2019. However, the bank noted that the global average cost of sending $200 remains high at 6.9 % in the third quarter of 2018.
Source : Financial Express