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India leads in remittances from abroad: report
By agencies
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Thursday, 14 April 2005, 19:30 IST
NEW DELHI:India leads China and other developing countries at least on one count. It receives much more remittances from overseas resident and non-resident workers than Mexico, China, Brazil or any other developing nation.
According the latest Global Development Finance report prepared by the World Bank, India received $17.4 billion in 2003 from citizens living and working in other countries. The amount is enough to pay for about four months of countries import bill.
At the exchange rate that prevailed in 2003, the inbound remittances amounted to about 
84,000 crore, which was twice as much the amount that government collected as income-tax during the financial year.
The next largest recipient of remittances was Mexico that received $14.6 billion during 2003. Philippines was at third position having received $7.9 billion during the year.
China stood at fourth place having received only $4.6 billion from non-resident Chinese working abroad. Closely following China was Pakistan, which received $ 4 billion as remittances.
84,000 crore, which was twice as much the amount that government collected as income-tax during the financial year.
The next largest recipient of remittances was Mexico that received $14.6 billion during 2003. Philippines was at third position having received $7.9 billion during the year.
China stood at fourth place having received only $4.6 billion from non-resident Chinese working abroad. Closely following China was Pakistan, which received $ 4 billion as remittances.