Whoa! Workers from abroad have sent back to India a whooping 64 Billion USD in 2011, India is 2 Billion USD ahead of China in this race!
India is estimated to be on top in terms of receiving remittances from its workers abroad in 2011. This will be fourth year in succession when India has raced China.
The World Bank’s latest brief on ‘Migration and Development’ estimates that India is likely to receive nearly $64 billion in 2011 which is nearly $2 billion more than China. India got over $54 billion in 2010 which is three per cent of its gross domestic product (GDP).
The update has revised the estimate of remittance flow to developing countries to $372 billion from $351 billion in 2011. This shows an increase of 12.1 per cent over 2010. The growth rate of remittances was higher in 2011 than in 2010 for all regions except Middle East and North Africa where flows were moderate.
Remittance flows to developing countries are expected to grow at 7-8 per cent annually to reach $467 billion by 2014. Worldwide remittance flows, including those to high-income countries, are expected to reach $615 billion by 2014. [source]
Persistent unemployment in Europe and the US is affecting employment prospects of existing migrants and hardening political attitudes toward new immigration and have created political pressures to reduce the current levels of immigration. There are risks that if the European crisis deepens, immigration controls in these countries could become even tighter. This will impact a big time on developing nations as the number of immigrants would reduce.
Immigrants contribute a whooping 3% odd to the Indian GDP.
Most of them out either be the software guys in US and Canada or Europe and or workers at the rigs in the Middle East. What say?
There is no separate data on the amount sent by the Rich people in India.