INDIA TOPS REMITTANCES RECEIVED GLOBALLY IN 2022 WITH 111 BILLION

Southern Asia, encompassing nations such as India, Pakistan, and Bangladesh, stands as a significant recipient of international remittances, underlining the pivotal role of labour migration in bolstering family livelihoods and fostering economic growth

India emerged as the world's largest recipient of Lremittances in 2022, surpassing the $100 billion mark for the first time and reaching over $111 billion, as stated by the United Nations migration agency, the International Organization for Migration (IOM), in its World Migration Report 2024 launched on Tuesday. Alongside India, other top remittance recipient countries included Mexico, China, the Philippines, and France.

The report underscored India's prominence in remittance receipts, with the nation's remittance inflows crossing $100 billion in 2022. Historically, India has consistently ranked among the top countries receiving remittances, with significant contributions from migrant workers primarily employed in the Gulf States and other countries worldwide.

In 2022, India received over $111 billion in remittances, securing its position as the leading recipient globally.

This milestone reflects the substantial financial contributions of Indian expatriates to their families and the Indian economy. Notably, India's remittance figures have seen steady growth over the years, with previous years witnessing significant milestones such as $53.48 billion in 2010, $68.91 billion in 2015, and $83.15 billion in 2020.

Southern Asia, including countries like India, Pakistan, and Bangladesh, has emerged as a major recipient of international remittances, reflecting the significant labour migration from the region.

These inflows play a crucial role in supporting the livelihoods of millions of families and contributing to economic development.

While India continues to lead in remittance receipts, Pakistan and Bangladesh also feature prominently among the top recipients, receiving nearly $30 billion and $21.5 billion, respectively, in 2022.