According to World Bank, India remained the world’s largest recipient of remittances in 2015. But its net receipt came down by one billion US dollar in comparision with the remittances a year ago.
In its annual report Migration and Development Brief, World Bank said: “India retained its top slot in 2015, attracting about 69 billion US dollars in remittances, down from 70 billion in 2014.”
As expected China remained the second largest recipient of foreign money. China received 64 billion dollar in 2015, the Philippines 28 billion, Mexico 25 billion, and Nigeria 21 billion dollar.
As per the World Bank report, global remittances contracted by 1.7 per cent to 581 billion US dollar in 2015, from 592 billion in 2014.