India has topped the global list of remittances with $71 billion in 2013. The data has been published by the World Bank, which put China at No. 2 spot with $60 billion in remittances, followed by the Philippines ($26 billion), Mexico ($22 billion), Nigeria ($21 billion), and Egypt ($20 billion).
According to Kaushik Basu, Senior Vice President and Chief Economist of the World Bank, “For a country like Tajikistan they constitute half the GDP. For Bangladesh, remittances provide vital protection against poverty”. He further added when a nation’s currency weakens, inward remittances rise and the same happened with India. The World Bank report has revealed that India and China alone will account for nearly one-third of total remittances to the developing world this year.