India Ranks No#1 In Receiving Remittances

India received USD 120 billion in remittances in 2023 nearly double Mexico's USD 66 billion, according to the World Bank. 

Other top recipients included China (USD 50 billion), the Philippines (USD 39 billion) and Pakistan (USD 27 billion). 

Remittances to low and middle income countries (LMICs) totaled USD 656 billion in 2023. 

India's remittances grew by 7.5% benefiting from lower inflation strong labor markets in the US and demand for Indian workers in GCC countries. 

Despite similar conditions Pakistan's remittances fell 12% due to economic challenges.

Remittances from the UAE accounting for 18% of India's total were boosted by a February 2023 agreement promoting the use of local currencies. 

Other significant sources include Saudi Arabia, Kuwait, Oman and Qatar. India's remittances are expected to grow to USD 124 billion in 2024 and USD 129 billion in 2025. 

Efforts to link India's payment systems with countries like the UAE and Singapore aim to reduce remittance costs and speed up transactions. 

Diversified migrant skills contribute to the stability of remittance flows crucial for economic development. 

The World Bank aims to reduce remittance costs and enhance financial inclusion.

This is beneficial for India's economy indicating strong global labor demand for Indian workers and effective financial policies. 

It  speaks about  India's economic resilience.