India Tops Global Remittance Chart with USD 120 Billion in 2023

In 2023, India received USD 120 billion in remittances, nearly doubling Mexico's receipts. Remittance flows to low- and middle-income countries moderated at USD 656 billion. The World Bank cites a deceleration in inflation and robust job markets in the US and the GCC countries as key factors.

India's remittance inflows surged to USD 120 billion in 2023, according to a World Bank report released on Wednesday. This amount is nearly double of what Mexico received in the same period.

China, the Philippines, and Pakistan also feature in the top five countries for remittance receipts. The report noted a moderation in total remittance flows to low- and middle-income countries, reaching USD 656 billion in 2023, after strong growth in previous years.

World Bank attributed India's remittance growth, which is 7.5 per cent higher, to factors such as the deceleration in inflation and strong labour markets in the US and other OECD nations, and high demand for workers in the GCC countries. The UAE remains a significant source, contributing 18 per cent of India's remittances. The World Bank projects continued growth, with forecasts of USD 124 billion in 2024 and USD 129 billion in 2025.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)