19 December, New Delhi
World Bank has said that India became the largest remittances receiving country at 72 billion US dollars this year followed by China at 64 billion US dollars.
The US emerged as the largest remittance source country with an estimated 56 billion US dollars in outward flows in 2014. In outward flow, the US was followed by Saudi Arabia at 37 billion US dollars and Russia at 33 billion US dollars in 2014.
Noting that the number of international migrants is expected to surpass 250 million this year, an all-time high, as people search for economic opportunity.
Migration and Remittances Fact Book 2016 said the fast growing developing countries have increasingly become a strong magnet for people from other parts of the developing world.