First News
Volume:8, Number:01
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Business & Finance 3

India Top Remittance-receiving Country in 2016

Indians working overseas sent home USD62.74 billion last year, an increase of 68.6 percent in the last decade. India received the most overseas remit - tances last year, said a report by the International Fund for Agricultural Development (IFAD) issued on June 20. The money sent by Indians overseas amounted to 3.3 per cent of India's gross domestic product, it said. Gulf countries were the primary destination for Indian workers going abroad, with the US as a "popular destination". The US led the world as the country from which the most remittances - USD3.6 billion - were made, the IFAD said. More than 800 million family members are benefiting from the remittances by over 200 million migrant workers, IFAD said. It estimated that this year one-in-seven persons in the world will either send or receive a share of the USD450 billion transferred globally. It also said that the cost of sending money will be brought down to 3 percent by 2030.

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