Indian expats world’s top remitters back to home country: World Bank report

Abu Dahbi, October 27: Indian expatriates have topped the charts worldwide for being the top remitters for the developing world, a new World Bank report revealed. The World Bank data released for 2013 showed that amounts transferred by the migrant workers of India and the Philippines to their families and friends will hit 97 billion dollars and that the total transfers will increase, Gulf News reports. According to the report, the two countries will likely represent nearly a quarter of the remittance volumes to the developing world this year. The report estimated that money transfers to developing countries are likely to increase to 414 billion dollars (6.3 percent) this year and are expected to swell further to surpass the half-trillion mark by 2016.