India: World’s Largest Recipient of Global Remittances

Posted by Reading Time: 2 minutes

Apr. 25 – The World Bank has listed India as the world’s largest recipient of remittances from its overseas diaspora in 2012 after having received over US$69 billion in remittances.

Following India is China (US$60 billion), the Philippines (US$24 billion), Mexico (US$23 billion), Nigeria (US$21 billion) and Egypt (US$21 billion). Pakistan, Bangladesh, Vietnam and Lebanon are also on the list of large recipients.

Remittance flows to developing countries reached US$401 billion in 2012, a 5.3 percent year on year increase. This number is expected to grow by an average of 8.8 percent annually over the next three years to reach US$515 billion by 2015. Remittance flows to South Asia increased by 12.8 percent to US$109 billion.

“Although migrant workers are, to a large extent, adversely affected by the slow growth in the global economy, remittance volumes have remained remarkably resilient, providing a vital lifeline to not only poor families but a steady and reliable source of foreign currency in many poor remittances recipient countries,” stated Hans Timmer, the Director of the World Bank’s Development Prospects Group.

The World Bank Report, titled “The Remittance Market to India: Opportunities, Challenges & Policy Options”, can be downloaded here.

Dezan Shira & Associates is a specialist foreign direct investment practice, providing corporate establishment, business advisory, tax advisory and compliance, accounting, payroll, due diligence and financial review services to multinationals investing in emerging Asia. Since its establishment in 1992, the firm has grown into one of Asia’s most versatile full-service consultancies with operational offices across China, Hong Kong, India, Singapore and Vietnam as well as liaison offices in Italy and the United States.

For further details or to contact the firm, please email india@dezshira.com, visit www.dezshira.com, or download the company brochure.

You can stay up to date with the latest business and investment trends across India by subscribing to Asia Briefing’s complimentary update service featuring news, commentary, guides, and multimedia resources.

Related Reading

An Introduction to Doing Business in India
In this guide, we introduce the basics of setting up and running a company in the country and some of the key issues investors should pay attention to. This issue is currently available as a complimentary download on the Asia Briefing Bookstore.