US India Global Review 2018

41 US-INDIA GLOBAL REVIEW APRIL-JUNE 2018 NEW YORK R emittances to India maintained its pole position globally, in 2016, with the Diaspora sending back more than 12 billion dollars from the United States alone, of the total of $62.7 billion – just ahead of the $61 billion received by second-place China, according to a new report by the Pew Research Center, based on data collected by the World Bank. Worldwide, remittances by migrants to their relatives in their home countries decreased by seven billion dollars, in 2016, from $581 billion in 2015, to $574 bil- lion in 2016, a 1% decline, according to economists at the World Bank. India too saw a dip: in 2015, remittances were to the tune of $69 billion. This is the second drop in glob- al remittances since the global financial crisis. Despite this recent decline, remittances sent by migrants are still about double what they were a decade ago, before the sharp decline in the global economy during the late 2000s. Tracking remittances worldwide is difficult because many countries do not track funds that are sent or received. Based on data it is able to collect, the World Bank has used a statistical model to esti- mate the amount of money com- ing from each sending country to each receiving country. The significance of remittances to a country’s overall economy depends not just on the amount of the remittances, but the size of the economy, noted the Pew report. According to the World Bank estimates, India received the most remittances in 2016 by sheer dol- lar amount: $62.7 billion. But those billions – most of which came from Indians working in the $10 billion US-India remittance connection GIVING BACK Photo: Dreamstime By Sujeet Rajan Across the Border