Remittances to India are projected to increase by 2.5 per cent this year, the World Bank has said in its latest report, even as weak economies in Europe, especially Russia, are slowing the growth of remittance flows.
In 2014, India is estimated to have received remittances worth USD 70.3 billion.
In its latest report, the World Bank said remittances to India, South Asia's largest economy and the world's largest remittance recipient, are projected to increase by 2.5 per cent in 2015, below the regional average but well above the 0.6 per cent increase in 2014.
According to the Reserve Bank of India, about 35 per cent of remittances to India originate in North America, and another 35 per cent in the GCC countries.
The Bank said the recent depreciation of the Indian rupee may have boosted investment-oriented remittances to India.
In its report, the Bank said remittances to developing countries are expected to reach USD 435 billion in 2015, registering a modest growth rate of two per cent from last year.
This represents a significant slowing in the growth of remittances from the rise of 3.3 per cent in 2014 and of 7.1 per cent per year from 2010 -13. According to the Reserve Bank of India, about 35 per cent of remittances to India originate in North America, and another 35 per cent in the GCC countries.
The Bank said the recent depreciation of the Indian rupee may have boosted investment-oriented remittances to India.
In its report, the Bank said remittances to developing countries are expected to reach USD 435 billion in 2015, registering a modest growth rate of two per cent from last year.
Global remittances, sent home from some 250 million migrants, are projected to grow by 1.3 per cent to USD 588 billion.
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