India remains the top recipient of money from diaspora as total remittance flow to the country is estimated to reach $64 billion in 2011, almost three percent of the country’s gross domestic product (GDP), according to World Bank data.
In an update on migration and remittance, the World Bank said remittance flow to India has surged due to the weak rupee and robust economic activities in the Gulf countries.
The World Bank revised upward remittance flow estimate for 2011 by $5.8 billion from its previous estimate announced in November last year.
“An upward revision to flows to India in 2011 (by $5.8 billion) is primarily due to a weak rupee and robust economic activity in the Gulf Cooperation Council countries, which are major destinations of recent migrants,” the World Bank said.
In a report last year, the World Bank had said remittance flow to India was likely to reach $58 billion.
However, the Washington-based multilateral agency has now updated the figure to $63.66 billion.
India received $54.03 billion remittance in 2010.
With estimated inflow of $62.49 billion in 2011, China remains the second largest recipient of money from diaspora. Remittance accounts for 0.8 percent of China’s gross domestic product.
Total remittance to developing countries is estimated to increase to $372 billion in 2011, an increase of 12.1 percent over 2010 figure.
Worldwide remittance flows, including those to high-income countries, reached $501 billion in 2011 and are expected to increase to $615 billion by 2014.