In an earlier story of the series we had mentioned how India featured in the top remittance receiving nations worldwide in 2011 with a score of $56 B in remittances for 10 months. Remittances to India have since grown by almost 25% to hit $70 B in remittancesin 2012 according to a lead in the local business dailies. mint develops this news in the World Bank mould, quoting the ‘bencheconomists’ to a $534 B score for developing world remittance inflows by 2015, adding Pakistan and Bangladesh to the mix. Inflows to China are obviously growing slower but are still a hefty $60 B this year The World Bank unit putting out the report also mentions $135 B in remittances for india including NRI deposits which can go back as fast as they come but have been coming in unlike China’s exodus of Capital looking for permanent migration to the West or even Singapore.
Phils, Mexico and Nigera are others who rely on global diaspora seding increasing mamounts of money back to ‘familia’ inthe post crisis world. Europe remains the larger source of remittances., followed by America and thence only the Middle East.
The Rupee continues to neglect these news flows against the global tide with the Dollar holding 55 levels in local trades