ForumIAS LATEST
- 03 July | Enrich Your Ethics Answers with GS Knowledge: IAS Rank 1 Shruti Sharma | Click Here to Watch →
- 04 July | The Reality of Writing UPSC Mains by Ayush Sinha | Click Here to Watch →
- 05 July | The Right Time to Start UPSC Answer Writing by IAS Rank 39 Rohin Kumar | Click Here to Watch →
- 06 July | Why You Should Prepare for Mains Before Prelims by IAS Rank 28 Prachi Honey | Click Here to Watch →
India highest recipient of remittances at $79 bn in 2018: World Bank
- According to the World Bank’s Migration and Development report,India has retained its position as the world’s top recipient of remittances with its diaspora sending a USD 79 billion back home in 2018.India was followed by China,Mexico,Philippines and Egypt.
- A foreign remittance is a transfer of money from a foreign worker to their family or other individuals in their home countries.
- According to the report,remittances to low-and middle-income countries reached a record high of USD 529 billion in 2018,an increase of 9.6% over the previous record high of USD 483 billion in 2017.
- The report said that increase in remittances was driven by stronger economic conditions in the United States and a pick-up in oil prices, which had a positive impact on outward remittances from some Gulf Cooperation Council(GCC) countries.
- The Gulf Cooperation Council (GCC) is a regional inter-governmental political and economic bloc of Bahrain,Kuwait,Oman,Qatar,Saudi Arabia and the UAE.
