India leads world in remittances

By agencies   |   Thursday, 17 November 2005, 08:00 Hrs
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WASHINGTON: With recorded inflows of $21.7 billion in 2004, India received the most in terms of remittances worldwide, a World Bank Global Economic Prospects (GEP) report says.

"With the number of migrants worldwide now reaching almost 200 million, their productivity and earnings are a powerful force for poverty reduction," said Franis Bourguignon, World Bank Chief Economist and Senior Vice-President for Development Economics.

He said international migration could generate substantial gains for migrants and their families, as well as their origin and destination countries, if policies to better manage transfer of remittances are pursued.

"Remittances, in particular, are an important way out of extreme poverty for a large number of people. The challenge facing policymakers is to fully achieve the potential economic benefits of migration, while managing the associated social and political implications," he added.

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