India may top list of recipients of remittances in 2012: World Bank

India may top list of recipients of remittances in 2012: World BankIndia may top the list of recipients of remittances this year, the World Bank said in its latest report.

According to the report, India will grab the top spot on the list by receiving around $70 billion in remittances by the end of 2012, while China will come at the second spot with remittances of nearly $66 billion.

Remittances by Indians in foreign countries have remained a steady source of foreign exchange resources for India. Remittances ensure permanent inflows of foreign exchange against the capital inflows, which are very unpredictable in nature.

If we take NRI deposits into account, the Indian Diaspora has so far taken home around $135 billion this year. But it should be kept in mind that, unlike remittances, most NRI deposits are reversible in nature.

Hans Timmer, director of World Bank's development prospects group, said, "Although migrant workers are, to a large extent, adversely affected by the slow growth in global economy, remittance volumes have remained remarkably resilient."

Each of Philippines and Mexico will be recipients of $24 billion in remittances, followed by Nigeria which will receive around $21 billion. The list of other large recipients of remittances this year includes Bangladesh, Egypt, Pakistan, Lebanon and Vietnam.