India still highest overseas remittance receiver: IOM
Statistics disclosed in the World Migration Report 2020, International Organisation for Migration, revealed that India continues to reign supreme as the world’s top recipient of remittances, with its diaspora sending back US$ 78.6 billion in 2018. Surpassing China’s remittances (of US$67.41 billion, which is 5.4% of the global remittance figure), India’s remittances were 14% of the global remittance figure of US$ 689 billion. Given the fact that India’s diaspora is the largest in the world, at US$ 17.5 million (as of mid-2019), this ranking in terms of remittances is not surprising.
Even in 2010 and 2015, India was the top recipient of remittances. The increase in remittance between 2015 and 2018 is 14%, according to the UN body.