Remittances to India are likely to increase at a rate of 8% year over year to hit a target of nearly $77bn mark during 2014, according to Xpress Money.
Remittances to India rose to $71bn during 2013 compared to $69.3bn in 2012.
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Xpress Money VP Sudhesh Giriyan was quoted by PTI as saying, "India has been the largest recipient in the world with an 8 per cent year-on-year growth in remittance in the last five years."
Of the total remittance market in India, approxdimately $15bn is for cash facility, while the rest accounts for non-cash remittances.
"Patterns of global migration and remittances to India have shifted in recent decades, as both the number of migrants and the amount of money they send have grown," Giriyan added.
He further explain that Kerala, Tamil Nadu, Punjab and Andhra Pradesh, as well as Uttar Pradesh, Bihar, Rajasthan, and Karnataka, together account for nearly 80%-85% of the total remittances coming into India.
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