Washington, March 20: India received a whopping USD 27 billion in remittances, beating China and Mexico to become the top country for such inflows, the World Bank has said in its latest report.
The top five recipients of remittances in 2007 were India (USD 27 billion), China (USD 25.7 billion), Mexico (USD 25 billion), the Philippines (USD 17 billion), and France (USD 12.5 billion), according to the report titled `migration and remittances factbook 2008`.
"In many developing countries, remittances provide a life line for the poor. They are often an essential source of foreign exchange and a stabilising force for the economy in turbulent times," said Dilip Ratha, senior economist with the World Bank, and co-author of the report.
The inward remittances to India has more than doubled from around USD 12.89 billion in 2000 to USD 27 billion in 2007. [Read more]
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