‘Remittances to India to drop by 5 pc in 2016’

“In 2016, remittance flows are expected to decline by 5 per cent in India and 3.5 per cent in Bangladesh, whereas they are expected to grow by 5.1 per cent in Pakistan and 1.6 per cent in Sri Lanka,” the World Bank said in a latest report on remittances. Despite the drop, India is likely to top the list of countries receiving remittance. The World Bank said in 2016, India is expected to receive a remittance of USD 65.5 billion, followed by China (USD 65.2 billion). Pakistan positioned at number five is estimated to receive USD 20.3 billion in 2016. The World Bank said remittances to South Asia is expected to decline by 2.3 per cent in 2016, following a 1.6 per cent decline in 2015. This is attributed mainly due to weak economic growth in remittancessource countries and cyclic low oil prices. India retained its top spot in 2015, attracting about USD 69 billion in remittances, the World Bank had said. Remittances from the GCC countries continued to decline due to lower oil prices and labour market ‘nationalisation’ policies in Saudi Arabia.