The latest March 31 balance of payments data from India’s central bank, the Reserve Bank of India (RBI), shows that India received $50.6 billion in private transfers in the 2009 calendar year. This represents a modest decline (-1.4 percent) compared to private transfer receipts for the 2008 calendar year.
Perhaps more importantly, the data on private transfers - which comprise mostly remittances from Indian migrants - shows that remittance flows to India declined sharply in the first quarter of 2009, but then have picked up in the remaining quarters, with a clear upward trend in the fourth quarter of 2009. Whether this recovery will continue into 2010 is still an open question. Look out for our forthcoming Migration and Development Brief for some answers!
The Economic Times erroneously reported last week that inward private transfers to India reached $55 billion in 2009. The correct figure is $50.6 billion.
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