India! Yes, India is the country which tops the charts of top 10 remittance receiving country in the world. India comes on the first position when it comes to receiving the remittance.
There are millions of expatriates who reside in various other parts of the world from India. These immigrants send a part of their earnings to their home back. This remittance is used by the receivers in India for various different purposes. From household expenses to education of their children, from renovation of their houses to investing in real estate. The reasons behind the consumption of the remittance received by indians depends on a various factors, like:
- If the location is Rural/Urban
- The main economies of the region
- Who is receiving the remittance, the head of the family or a housewife
- The age of the receiver
- The financial status of the receiver
…and many more.
From all over the world, India received a total of US$65B in 2017, followed by China on rank 2 with a total received remittance of US$61B and Phillipines, Mexico, Nigeria, Pakistan, Egypt, Lebanon, Vietnam and Canada. These are the top ten countries (in decreasing order) receiving the inward remittance. India has 50% of the remittance coming from the gulf countries alone i.e. UAE, Qatar, Saudi Arabia, Kuwait, Oman, further from which UAE is responsible for sending 30% of the remmitance to India.
The immigrants working in abroad are in a huge number, scattered in almost every part of the world, mailny from the states of South India (Kerela, Tamil Nadu, Orissa), the northern part (main cities of Punjab) and the western state (Gujarat). 25%-30% of the remittance is received by the southern part of the country.
Do you think the amount of remittance received by India can or will drop in the coming years?
