{"id":29818,"date":"2018-10-26T12:37:38","date_gmt":"2018-10-26T07:07:38","guid":{"rendered":"https:\/\/blog.forumias.com\/?p=29818"},"modified":"2018-10-26T12:37:38","modified_gmt":"2018-10-26T07:07:38","slug":"india-highest-recipient-of-remittances","status":"publish","type":"post","link":"https:\/\/forumias.com\/blog\/india-highest-recipient-of-remittances\/","title":{"rendered":"India highest recipient of remittances"},"content":{"rendered":"<p><a href=\"http:\/\/www.thehindu.com\/todays-paper\/tp-business\/india-highest-recipient-of-remittances\/article23652057.ece\"><b>India highest recipient of remittances<\/b><\/a><\/p>\n<p><b>Context:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">According to World Bank\u2019s Migration and Development Brief, India has retained the top position as a recipient of remittances.<\/span><\/p>\n<p><b>Highlights of the Report:<\/b><\/p>\n<p><b>Remittances inflows:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Global remittances which includes flows to high income countries grew 7 per cent to USD 613 billion in 2017 from USD 573 billion in 2016<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">India ranked first as the recipient of remittances ($69 billion in 2017)<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">India\u2019s remittance inflows increased 9.9% in 2017 after a steep decline in 2016<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">India is followed by China, Philippines, Mexico, Nigeria and Egypt<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Remittances to South Asia grew a moderate 5.8 percent to $117 billion in 2017.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Flows to Bangladesh and Pakistan remained largely flat in 2017<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Small decline in remittances flowing to Sri Lanka<\/span><\/li>\n<\/ul>\n<p><b><i>What factors contributed to increase in India\u2019s remittance inflows?<\/i><\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Economic growth in Europe, Russia and US<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Increase in oil prices<\/span><\/li>\n<\/ul>\n<p><b>Average cost of Sending:<\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The global average cost of sending $200 was 7.1 per cent in the first quarter of 2018.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Highest average cost: 9.4 percent in Sub-Saharan Africa<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Lowest average cost: 5.2 percent in South Asia.<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">The average cost is higher than the Sustainable Development Goal target of 3 percent in all regions<\/span><\/li>\n<\/ul>\n<p><b><i>Barriers to Reducing cost:<\/i><\/b><\/p>\n<ul>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Derisking by Banks<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">Exclusive partnership between national post officers systems and money transfer operators<\/span><\/li>\n<li style=\"font-weight: 400;\"><span style=\"font-weight: 400;\">These hinder the introduction of technologies, such as mobile apps and the use of crypto currency and Blockchain in remittance services<\/span><\/li>\n<\/ul>\n<p><b>Predictions for 2018:<\/b><\/p>\n<p><span style=\"font-weight: 400;\">Global remittances are expected to grow 4.6% to $642 billion in 2018.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>India highest recipient of remittances Context: According to World Bank\u2019s Migration and Development Brief, India has retained the top position as a recipient of remittances. Highlights of the Report: Remittances inflows: Global remittances which includes flows to high income countries grew 7 per cent to USD 613 billion in 2017 from USD 573 billion in&hellip; <a class=\"more-link\" href=\"https:\/\/forumias.com\/blog\/india-highest-recipient-of-remittances\/\">Continue reading <span class=\"screen-reader-text\">India highest recipient of remittances<\/span><\/a><\/p>\n","protected":false},"author":61,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"jetpack_post_was_ever_published":false,"footnotes":""},"categories":[555],"tags":[],"class_list":["post-29818","post","type-post","status-publish","format-standard","hentry","category-test-1","entry"],"jetpack_featured_media_url":"","views":{"total":0,"cached_at":"","cached_date":1704821263},"jetpack_sharing_enabled":true,"_links":{"self":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/29818","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/users\/61"}],"replies":[{"embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/comments?post=29818"}],"version-history":[{"count":0,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/posts\/29818\/revisions"}],"wp:attachment":[{"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/media?parent=29818"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/categories?post=29818"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forumias.com\/blog\/wp-json\/wp\/v2\/tags?post=29818"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}