India remains the top recipient of money from diaspora as total remittance flow to the country was about US$ 64 billion in 2011, almost 3% of the country’s Gross Domestic Product (GDP), according to World Bank data.
In an update on migration and remittance, the World Bank said that remittance flow to India surged due to the weak Rupee and robust economic activities in the countries of the Gulf Cooperation Council (GCC).
The World Bank revised upward remittance flow estimate for 2011 by US$ 5.8 billion from its previous estimate announced in November last year.
“An upward revision to flows to India in 2011 is primarily due to a weak Rupee and robust economic activity in the Gulf countries, which are major destinations of recent migrants,” the World Bank said.
In its previous year’s report, the Bank had said that remittance flow to India was likely to reach US$ 58 billion.
However, the Washington-based multilateral agency has now updated the figure to US$ 63.66 billion.
India received US$ 54.03 billion as overseas remittance in 2010.
With estimated inflow of US$ 62.49 billion in 2011, China remains the second largest recipient of money from diaspora. Remittance accounts for 0.8% of China’s GDP.
Total remittance to developing countries is estimated to increase to US$ 372 billion in 2011, an increase of 12.1% over the remittance made in 2010.
Worldwide remittance flows, including those to high-income countries, reached US$ 501 billion in 2011 and are expected to increase to US$ 615 billion by 2014.
