India retained the top position as recipient of remittances with its diaspora sending about USD 69 billion back home last year. Remittances to India picked up sharply by 9.9 per cent, reversing the previous year’s dip, but were still short of USD 70.4 billion received in 2014. In its latest Migration and Development Brief, the World Bank estimated that officially recorded remittances to low-and middle-income countries reached USD 466 billion in 2017. This was an increase of 8.5 per cent over USD 429 billion in 2016. The upsurge is likely to continue into 2018 on the back of stronger economic conditions in advanced economies (particularly the US) and an increase in oil prices that should have a positive impact on the GCC countries.

(The Hindu)