India while retaining its top spot as the world’s largest #remittance recipient, led the decline with remittance inflows amounting to $62.7 billion last year, a decrease of 8.9% over $68.9 billion in 2015 according to a World Bank report.
The World Bank, in its latest report, said that the remittances to developing countries fell for a second consecutive year in 2016, a trend not seen in three decades.
Though Indian economists attribute this could be mainly to the drop in oil prices and fiscal tightening in the oil producing countries in the West Asia, which has a significant Indian migrant population accounting for a large chunk of remittances, but International economists differ in their views and indicate the prolong sober investment in infra projects industries in India and demonetisation exercise has hit the inward cash inflow drastically
It is irony to note Indian Bjp Modi government hiked the duties of Oils by more than 200% and did not pass the benefit of drop in International oil price to Indian consumers but has increased defence budget to Rs. 3,59,854 crore (US$ 53.5 billion)
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