REMITTANCES TO INDIA

REMITTANCES TO INDIA RISE TO $63.7 BN IN 2011: WORLD BANK

The Economic Times, April 28, 2012

India is expected to have received $63.7 billion in remittances in 2011, marginally more than China that got $62.5 billion from nationals working overseas, data released by World Bank on Friday showed.

The bank has lifted India's kitty by $5.8 billion from its earlier forecast.

"An upward revision to flows to India in 2011 (by $5.8 billion) is primarily due to a weak rupee and robust economic activity in the Gulf Cooperation Council countries, which are major destinations of recent migrants," the bank said in a release.

The pickup in inflows have come very timely for India as it has struggled to attract capital flow to bridge the high current account deficit that is likely to breach 3.6% of GDP in the current year.

Despite a slowdown in global growth in the current calendar, remittances are expected to pick up further.

The inflow into South Asia will grow to $104 billion in 2012 from $97 billion in 2011, bulk of which will go to India.

"Remittance flows to developing countries are expected to grow at 7-8 percent annually to reach $467 billion by 2014," the bank has said in its Migration and Development Brief 18.

"Worldwide remittance flows, including those to high-income countries, are expected to exceed $615 billion by 2014."

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