New Delhi:
India has, for years, been the nation receiving highest remittances globally, and this 12 months was no totally different. India retained the primary spot of being the nation which noticed the utmost quantity of financial influx – $129 billion – from its diaspora.
Listed below are some insightful details about remittances obtained by India in 2024:
- At $129 billion, India’s remittances alone is sort of as a lot because the annual budgets of Pakistan ($67 billion) and Bangladesh ($68 billion) mixed. Additionally it is almost double that of Mexico, which took the second spot on the best remittances listing.
- As per the newest figures compiled by World Financial institution economists, India, which topped the listing of recipient international locations for remittances in 2024, obtained an estimated influx of $129 billion. Mexico got here second with $68 billion, China got here third at $48 billion, the Philippines got here fourth at $40 billion, and Pakistan got here fifth at $33 billion.
- India has steadily been receiving remittances of greater than $100 billion annually for the final 5 years, besides 2020 – when COVID-19 had peaked. That 12 months India noticed an influx of $83 billion. The expansion price of remittances this 12 months is estimated to be 5.8 per cent, in comparison with 1.2 per cent registered in 2023, in response to a World Financial institution.
- India has obtained such excessive remittances that it has even surpassed the Overseas Direct Funding or FDI inflows considerably, which, until the September quarter stood at $62 billion. Remittances additionally surpassed India’s total defence funds for 2024 by greater than $55 billion.
- Within the final 10 years, India’s total remittances grew by 57 per cent. In complete, between 2014 and 2024, India has obtained almost $1 trillion {dollars} ($982 billion) solely in remittances. The year-wise break-up being – $70 billion in 2014, $69 billion in 2015, $63 billion in 2016, $69 billion in 2017, $79 billion in 2018, $79 billion in 2019 $83 billion in 2020, $105 billion in 2021, $111 billion in 2022, $125 billion in 2023, and $129 billion in 2024.
