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India tops global remittance flows at $125 billion in 2023
The Business Guardian
|December 21, 2023
In 2023, India emerged as the world leader in remittance inflows, recording an impressive $125 billion, according to a report by the World Bank. This significant achievement is attributed to various factors, including a strategic agreement between India and the UAE to promote the use of dirhams and rupees for bilateral trade.
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The World Bank's latest Migration and Development Brief highlighted that the growth in remittances to India is anticipated to moderate to 12.4 percent in 2023, down from the historical peak of 24.4 percent in 2022. Despite this deceleration, the report forecasts an increase of $14 billion in remittances, solidifying India's share in South Asian remittances to 66 percent in 2023, up from 63 percent in the previous year.
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