Indians send home US$ 62.7 billion in 2016, highest globally: World Bank

India received the highest remittance inflows globally at US$ 62.7 billion in FY 2016-17, according to a report by The World Bank. India was followed by China, Philippines, Mexico and Pakistan in terms of remittance inflows. The overall global remittances stood at US$ 575 billion and remittances to developing countries stood at US$ 429 billion in FY 2016-17. Remittances contributed 2.9 per cent of India's gross domestic product (GDP), whereas remittances in Kerala contributed 36.3 per cent to the net state domestic product. The World Bank has estimated remittance inflows to India to grow by 1.9 per cent in FY 2017-18.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.