According to Mahajan, remittances are lifting rural consumers.
“International remittances rose to an estimated USD 601 billion in 2015, with roughly three-quarters of that total flowing back to developing countries, according to World Bank data. The World Bank’s revised data for 2014 showed global remittances at USD 592.9 billion, with the Rural Top 10 countries receiving USD 254.8 billion – 43 per cent of the total, with a significant amount going to rural areas,” he says.
Mahajan, John P Harbin Centennial Chair in Business at the McCombs School of Business, University of Texas, highlights the expanding consumer power of rural markets in developing countries in his book, published by Sage.
(Sourced from agencies, feature image courtesy:economictimes.indiatimes.com)
