Thursday, March 20

India receives $27 bn in remittances in 2007

Way to go, do more and more, get rid of this habit of getting monies from government bodies and multi-lateral bodies. Savings, investments and personal funds transfers are far more economic and effective than other flows and do more for the poor than all the gods, religious leaders, NGOs and governments combined. Read and applaud. I quote:

The top five recipients of remittances in 2007 were India ($27 billion), China ($25.7 billion), Mexico ($25 billion), the Philippines ($17 billion), and France ($12.5 billion), according to the report titled 'Migration and Remittances Factbook 2008'.

"In many developing countries, remittances provide a life line for the poor. They are often an essential source of foreign exchange and a stabilising force for the economy in turbulent times," said Dilip Ratha, senior economist with the World Bank, and co-author of the report.

But found that figure for France curious, why are people remitting money into France?

All this to be taken with a grain of piquant salt!!!

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