Remittances from India: It is anticipated that India will receive $129 billion in remittances in 2024, which is almost equivalent to the combined yearly budgets of Bangladesh ($68 billion) and Pakistan ($67 billion), which comes to almost $135 billion.
India’s remittances alone, at $129 billion, are almost equal to the combined yearly budgets of Bangladesh ($68 billion) and Pakistan ($67 billion). Additionally, it is almost twice as much as Mexico, which came in second on the list of countries with the largest remittances.
India continues to receive far more remittances than any other nation in the globe, holding the top spot. China and the Philippines receive $48 billion and $40 billion, respectively, while Mexico comes in second with $68 billion, behind India.
India, which topped the list of recipient nations for remittances in 2024, got an expected inflow of $129 billion, according to the most recent data published by World Bank analysts. With $68 billion, Mexico came in second, followed by China ($48 billion), the Philippines ($40 billion), and Pakistan ($33 billion).
India’s remittances have grown significantly during the last ten years, rising by 57%. With the exception of a decline during the COVID-19 epidemic in 2020, remittances have been steadily increasing since 2014, when they reached approximately $70 billion.
Remittance inflows have surpassed foreign direct investment (FDI) inflows into India, which as of September 2024 totaled over $62 billion. Furthermore, remittances surpass India’s 2024 defense budget by more than $55 billion, highlighting their vital importance in the economy.
India’s total remittances increased by 57% over the past ten years. India has received around $1 trillion ($982 billion) in remittances alone between 2014 and 2024.
Countries like the United States, United Arab Emirates, and Saudi Arabia, which have sizable Indian diaspora populations, are the main recipients of remittances to India. These nations make significant contributions to the money that non-resident Indians (NRIs) send home.
