Impressive remittances of India
At $129 billion, India’s remittances alone is nearly as much as the annual budgets of Pakistan ($67 billion) and Bangladesh ($68 billion) combined. It is also nearly double that of Mexico, which took the second spot on the highest remittances list.As per the latest figures compiled by World Bank economists, India, which topped the list of recipient countries for remittances in 2024, received an estimated inflow of $129 billion.
As a matter of fact, Remittances play a vital role in the economic development and stability of many countries, particularly in developing nations. These financial transfers from migrant workers to their families and communities back home provide a crucial source of income, supporting basic needs, education, healthcare, and entrepreneurship. Remittances also contribute significantly to the GDP of recipient countries, helping to reduce poverty, inequality, and unemployment. Furthermore, remittances promote financial inclusion, empower women, and foster economic growth, making them a vital component of international development efforts.
Mexico came second with $68 billion, China came third at $48 billion, the Philippines came fourth at $40 billion, and Pakistan came fifth at $33 billion.
India has steadily been receiving remittances of more than $100 billion each year for the last five years, except 2020 – when COVID-19 had peaked. That year India saw an inflow of $83 billion. The growth rate of remittances this year is estimated to be 5.8 per cent, compared to 1.2 per cent registered in 2023, according to a World Bank.
This is a great development for the country and should be taken as a very positive development.
