Remittance: India again tops the world

[OhioChick]

India has retained its position as the highest recipient of global remittance flow at $52 billion in 2008, the World Bank has said in a report.

Remittance is defined as the sum of money paid to someone at a distance. A 'remittance transfer' refers to the transfer of money from an individual, usually a person who has emigrated from her city or country of origin, to another individual, usually a relative who remains at home.

The World Bank and the Bank for International Settlements have developed international standards for remittance services. To know more about nations that top the share of remittance, read on. . .

India: Rank 1

India received the highest of 15 per cent of the total global remittance inflows at $52 billion in 2008, which constituted 3.3 per cent of its gross domestic product. Remittance flows to developing countries reached $328 billion in 2008, an increase of 15 per cent over 2007.

It should be mentioned here that the World Bank had predicted a 7.3 per cent decline in remittance flows to developing nations in 2009 to $304 billion.

Most of the remittances happen by conventional channels like Western Union and Moneygram. However, with the increasing reach of the Internet, online money transfer has gained momentum.

During disasters or emergencies, remittances can be a vital source of income for people whose other forms of livelihood may have been destroyed by conflict of natural disaster.

Growth of remittances to South and East Asia is also because of the switch in motivation for remittances from consumption to investment: falling asset prices, rising interest rate differentials and a depreciation of the local currency.

http://business.rediff.com/slide-show/2009/jul/27/slide-show-1-remittance-india-again-tops-the-world.htm

[Joanne98]

1. And they're all Republicans too!

[varun]

3. Thats not true

Most Indians in US are Democrats.

ome wealthy Indians (Physicians, etc) are Republicans.

[OhioChick]

4. A great percentage of Indians that I've worked with loved Bush, as well as Palin. n/t

[varun]

6. You have not been interacting with the average Indian American

http://en.wikipedia.org/wiki/Indian_American#Politics


"...Despite being heavily religious and having the highest average household income among all ancestry groups in the United States (two traits that usually favor conservatism), Indian Americans tend to be more liberal and tend to vote overwhelmingly for Democrats. Polls before the 2004 U.S. Presidential Election showed Indian Americans favoring Democratic candidate John Kerry favored over Republican George W. Bush by a 53% to 14% margin (nearly a 4 to 1 ratio), with 30% undecided at the time.<52>..."

[OhioChick]

7. I was referring to the H-1B's that I work with.

Manmohan to Bush: people of India love you

“In opinion polls, ratings for Bush higher in India than any other country”

http://www.hindu.com/2008/09/27/stories/2008092760171200.htm

I wasn't talking about Indian Americans. Sorry if I was unclear.

[BobRossi]

2. Revoke H1-B visas NOW!

Not only are these people taking good paying jobs from Americans, they are sending their pay back to India rather than consuming American goods and services.

[ChromeFoundry]

5. color me surprised...not. n/t

[WillYourVoteBCounted]

8. thank Bank of America, Citibank and all the big banks who farm out basic clerical work

to the folks who work so cheaply in India.

[OhioChick]

9. As well as the "Big 3" automakers. n/t