In 2005, India topped the list of most remittances for the year at over $24 billion. China and Mexico were the next two countries on the list. In 2008, it once again beat out China and Mexico with about $45 billion in remittances. Though clearly India is a very popular nation to send money to, it was not always this way. In 1990, only about $2 billion was sent to the area, a number that has risen gradually every year for nearly two decades. In 1996, it equaled over $12 billion, jumping to nearly $22 billion in 2003.
Of course, the importance of the ability to send money to India has risen in the last 20 years, as well. This is because the GDP now depends on the money sent, as so many citizens use it to live their daily lives. In 1990, when remittances were much smaller than they currently are, they made up less than one percent of the GDP. In 1995, this number rose to over three percent, and has stayed around that amount since then. Unfortunately, the number of people who send money to India is expected to fall by about seven percent as of 2009.
Despite the fact that the number of people who send money to India has indeed dropped a bit since 2008, it has so far not fallen quite as much as some experts predicted. This might be because more Indian immigrants are nervous about losing their savings, so they transfer it to the slightly more stable Indian market. Additionally, it is clear that relatives in India that get used to living off remittances still need help with their daily expenses, so relatives living in the United States are likely to still help them as much as possible. This means that if you need to send money to India, you will not be alone.
Fortunately, the same remittance options as before are still available.