As per the latest figures released by the World Bank, India will continue to be the largest remittance receiver globally in 2024. The country received remittances from its diaspora amounting to $129 billion, almost equivalent to the combined annual budgets of Pakistan ($67 billion) and Bangladesh ($68 billion). Moreover, India’s remittance figures were twice Mexico’s, which ranked second, at $68 billion.
Except for the $83 billion in 2020 due to the COVID-19 pandemic, India has consistently received more than $100 billion every year over the past five years. This year’s remittance growth of 5.8% is significantly higher than the 1.2% increase recorded in 2023.
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India’s remittances also have left FDI behind in 2024, where this amount is $62 billion in the first three quarters. Furthermore, India’s remittances surpass the entire defense budget for 2024, which is over $55 billion.
From 2014 to 2024, India received almost $1 trillion ($982 billion) in remittances. Here’s how it breaks down yearly:
2014: $70 billion
2015: $69 billion
2016: $63 billion
2017: $69 billion
2018: $79 billion
2019: $79 billion
2020: $83 billion
2021: $105 billion
2022: $111 billion
2023: $125 billion
2024: $129 billion
This is indeed remarkable growth considering that the Indian diaspora has made a major impact in the economic sector of their home country.