Migration and Remittances: An ecosystem that co-exist

Over the years, millions of Indians have found opportunity and livelihood outside of India. This scenario stands true for most developing nations that have seen a similar pattern of migration to the developed countries.

According to a recent study by World Bank, more than 215 million* people or almost 3% of the world’s population lives outside of its country of origin.

However, this decade the current migration flows in comparisons to the overall population have reduced than those witnessed in the last decades of the nineteenth century. This can be attributed to the development and progress within the developing nations providing better opportunity than before.

But remittances have not stopped growing. Remittances have witnessed steady growth along with other types of resource inflows like private debt and equity. Remittances have increased exponentially: up from US$ 132 billion* in 2000 to an estimated US$ 414 billion* in 2009, even with a slight decline during the economic slowdown. Among the developing nations India over past few years has stood no. 1 in the list of top remittance receiving countries.

India has always been amongst the top nations witnessing migration of its nationals to other countries.

Ranked 2nd amongst the top emigrants countries list only next to Mexico, this year an estimated 11.4 million* Indians would have migrated to other countries. This provides a steady source of remittance back to India that converges into investments in real estate, equity markets money sent back home for family maintenance, etc. India is estimated to top the list of inbound remittance with US$ 55 billion* by the end of this year.

China is marginally behind India and would record US$ 51 billion as inward remittance. Together, China and India account for quarter of worldwide remittances.

Thus, one can attribute a significant trend that starts from migration and continues with money being remitted back to the origin country. Some others patterns that can also be noted across nations would be an increase in foreign exchange, employment generation and an increase in inflows of non-resident money in local industries such as infrastructure and real estate.

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Source: * Migration and Remittances Factbook 2011- World Bank

 

7 Responses to Migration and Remittances: An ecosystem that co-exist

  1. Pingback: Tweets that mention Migration and Remittances: An ecosystem that co-exist « Remit2India -- Topsy.com

  2. shruti says:

    this is a good take..even i do feel the same!!

    • remit2ind says:

      Dear Shruti,

      Thank you so much for your feedback on the same.
      We will keep bring more such insightful information on the same. You can also write to us on the topics that you wish to know with regards to remittances and its impact and we shall definitely bring you insights on the same!!

  3. prasad says:

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    • remit2ind says:

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  5. Pingback: Factors driving remittances into India « Remit2India

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