Private remittances from US to India totalled $3.2 billion in 2009

India received USD 3.2 billion in private remittances from the United States in 2009, almost the same as China, a new Congressional report has said. In 2009, 10 countries accounted for over USD 32 billion, or about 40 per cent, of net private remittances and related flows from the United States, said the Congressional Budget Office in its report, “Migrant’s Remittances and Related Economic Flows.”

People in Mexico received about USD 20 billion, the largest single share by far, about 61 per cent of the total receipts for the 10 countries. “People in India and China received over USD 3 billion each and together accounted for about 20 per cent of the total for those 10 countries,” said the 28-page report. “Between 2000 and 2009, net private remittances and related flows to those 10 countries grew by an average of 7 per cent per year (not adjusted for inflation),” it said.

Transfers to people in China rose from USD 1.5 billion in 2000 to USD 3.2 billion in 2009, an average increase of 9 per cent per year. Such transfers to Canada were erratic over the period; they rose from USD 0.5 billion in 2000 to USD 2.2 billion in 2009, but net outflows from Canada occurred in some of the intervening years.

Although a substantial share of net private remittances and related flows went to 10 countries — Mexico, China, India, Canada, Korea, Brazil, Netherlands, Luxembourg, Taiwan and Japan — other countries experienced faster growth in such transfers over the past decade, the report said.

The Bureau of Economic Analysis (BEA) estimates that migrants’ remittances totaled about USD 48 billion in 2009 — nearly 70 per cent more than official development assistance provided by the US government. Nearly USD 38 billion of that amount was personal transfers by foreign-born residents in the United States to households abroad. The rest, about USD 11 billion, reflected the compensation of employees who were in the United States for less than a year. Some of that compensation, however, was spent in the United States.

Source:- IAMTN

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