The Indian diaspora sent back home some 27.1 billion U.S. dollars in the 2006-2007, making India the world's largest single recipient, The Times of India reported on Friday.
Migrant remittances have recently surged to the forefront of development agendas worldwide and the growth in India has been dramatic.
Total remittances has grown steadily over the past 15 years in India, particularly in the past 10 years, skyrocketing from 2.1 billion U.S. dollars in 1990-1991 to 27.1 billion U.S. dollars in 2006-2007.
The top 10 destination countries for Indians include the UAE, Saudi Arabia, US, Bangladesh, Nepal, UK, Sri Lanka, Canada, Kuwait and Oman, the report said.
Experts point out that softer immigration laws in the United States and the search for better economic opportunities have fuelled a surge in the overseas migration of Indians. The number of Indian diaspora is estimated at 20 million.
Unlike previous phases of migration, emigration sent better educated Indians in the last decade to countries such as the United States, Britain and Canada, said the newspaper.
Source:Xinhua
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