India to receive USD 55 bln remittances in 2010

Dubai, Nov 14 (PTI) Indian expatriates are expected to
remit about USD 55 billion into the country this year as the
number of emigrants from the nation is likely to clock 11.4
million, a new World Bank report said.
India is likely to stay as the top receiver of
remittances in 2010, as inflows of USD 51 billion to China
keeps it a place down, with Mexico at third spot, expecting
USD 22.6 billion from its overseas population.
The World Bank in its 'Migration and Remittances Factbook
2011' report said worldwide inflows are expected to reach USD
440 billion by the year end, with remittances to developing
nations are likely to reach a record USD 325 billion from the
2009 figure of USD 307 billion.
The top remitting countries in 2009 were United States
(USD 48.3 billion), Saudi Arabia (USD 26 billion) and
Switzerland (USD 19.6 billion).
Remittances remained a resilient of external financing
during the recent global financial crisis and were steady
despite the pangs of financial reconstruction in the developed
world, the report said.
As high-income countries remain the main source of
remittance flows, migration to the developed economies
grouping saw an increase.
India ranks second in the top three emigration countries
with 11.4 million of its population chose overseas
destinations. Mexico tops the chart with 11.9 million figure
and Russia getting third position having 11.1 million people
working in other countries.
India-UAE is among the top 10 migration corridors with
2.2 million migrants. Mexico-US is expected to be the largest
migration corridor in the world, followed by Russia-Ukraine,
Ukraine-Russia and Bangladesh-India.
World Bank said majority of expatriates in the Gulf hail
from India, Pakistan, Sri Lanka, Egypt, Philippines,
Bangladesh, Yemen, Iran and Sudan.
According to the Factbook 2011, the top migrant
destination country remains the United States that kept 42.8
million immigrants, followed by Russia (12.3 million), Germany
(10.8 million, Saudi Arabia (7.3 million), Canada (7.2
million), United Kingdom (7.0 million), Spain (6.9 million),
France (6.7 million), Australia (5.5 million), India (5.4
million), Ukraine (5.3 million), Italy (4.5 million) and
Pakistan (4.2 million).
The top immigration countries relative to population are
Qatar - 87 per cent, Monaco - 72 per cent, UAE - 70 per cent,
Kuwait - 69 per cent and Andorra - 64 per cent. PTI