New Delhi: India has topped the global ranking lists for remittances in 2024. This is for the third consecutive year India is retaining its top position. India received a record $129 billion (approximately Rs 10.7 lakh crore) from non-resident Indians (NRIs) in 2024. In 2023, the remittance flows to India totaled Rs 8.95 lakh crore ($125 billion). In 2022, India became the first country in history to receive over $100 billion in remittances, with NRIs sending $111.22 billion (around Rs 9.28 lakh crore) back to the country.
According to a recent World Bank blog post, India remains the largest recipient of remittances, followed by Mexico, China, the Philippines, and Pakistan. The flow of remittances to India is a vital source of foreign exchange, contributing to the country’s financial stability and economic resilience.
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The World Bank report also highlighted a 5.8% year-on-year growth in remittances for 2024, a marked improvement from the 1.2% growth recorded in 2023. Over the past decade, global remittances have increased by 57%, while foreign direct investment (FDI) has experienced a 41% decline.
The World Bank projects that remittance flows to low and middle-income countries (LMICs) will reach $685 billion in 2024, with South Asia leading the charge. India, Pakistan, and Bangladesh are expected to see the largest increase in remittance inflows, with South Asia projected to experience a robust 11.8% growth rate in 2024.