India retains top spot in remittances: World Bank report

India has retained its position as the world’s top recipient of remittances in 2018, global lender World Bank said in a report on Monday, according to the agency Press Trust of India.

Remittances is the money sent back home by a country’s nationals working abroad.. The Indian diaspora has sent $79 billion (approximately Rs 5.5 lakh crore) home.

In 2017, it was $65.3 billion and in 2016, India received $62.7 billion remittances.

China is at the second spot in remittances with $67 billion, followed by Mexico at the third with $36 billion, according to the latest edition of the World Bank’s Migration and Development Brief.