India received $ 56 billion in remittances

India received $ 56 billion in remittances

Overseas Indian Affairs Minister Vayalar Ravi, addressing a conference of heads of missions of Gulf region, gave out the figure saying remittances has touched USD 55.9 billion last fiscal.

India had received a total of USD 53.9 billion as remittances in the year 2009-10 while in 2008-09, the amount was USD 46.9 billion.

The World Bank had earlier this year in a report said Indian expatriates are expected to remit about USD 55 billion into the country in 2010-11 and will be the top receiver of remittances.

The top remitting countries in 2009 were United States (USD 48.3 billion), Saudi Arabia (USD 26 billion) and Switzerland (USD 19.6 billion).