$58 billion in remittances for india

India is estimated to have got $58 billion in remittances - the highest for any country - from its diaspora in 2011, followed closely by China at $57 billion, World Bank data showed Thursday.

"There is increase in flow of remittances to India from all major sources. There is good increase from Gulf, East Asia and Pacific countries," Dilip Ratha, manager of the World Bank's migration and remittances unit, told IANS in a telephone interview from Geneva.

In 2010, the remittance flow to India was $55 billion while China received $51 billion.

"The overall trend for India is very positive. Despite the crisis in major developed economies, remittance flow to India is increasing," Ratha said.

Developing countries are estimated to get $351 billion of the total estimated remittance flow of $406 billion during the current calendar year. Remittance to developing countries has increased by 8 percent in 2011.

For the first time since the global financial crisis, remittance flows to all six developing regions rose in 2011. Remittance to developing countries are likely to increase to $441 billion by 2014 from the estimated $351 billion this year.

"Despite the global economic crisis that has impacted private capital flows, remittance flows to developing countries have remained resilient, posting an estimated growth of 8 percent in 2011," Hans Timmer, director of the World Bank Development Prospects Group, said in the report.