Remittances – money sent home by immigrant workers abroad – are hugely beneficial to many countries across the world.
India is the world’s top receiver of remittances. Flows into the country have grown dramatically in recent years, touching US$ 17.4 billion in 2003, up from some US$2 billion a year in the late 1980s.
Funds repatriated home by workers exemplify the principle of self – help. But, can these flows be used more productively?
Remittances: An Economic Force
Remittances by international migrants to their home countries have grown dramatically in recent years. They are now the largest source of external finance for developing nations after foreign direct investment (FDI), even exceeding FDI in some. In others, they are greater than official development aid. [Read more]
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