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India becomes first country to receive over $100 billion in remittances
The country received record-high remittance of over $111 billion in 2022
India records highest remittances in 2022, UN finds / Image - IOM
India became the only country in the world to surpass $100 billion received in remittance in 2022, a United Nations report stated.
The International Organisation for Migration’s ‘World Migration Report 2024,’ released on May.7 found that India not only touched the record 100 billion but surpassed it marking the first time any country has surpassed the $100 billion mark in remittances.
Having received $111 billion in remittances, India topped the list of receiving nations. Mexico, China, the Philippines, and France followed in the top five remittance recipient countries.
"India was well above the rest, receiving more than USD 111 billion, the first country to reach and even surpass the USD 100 billion mark. Mexico was the second-largest remittance recipient in 2022, a position it also held in 2021 after overtaking China, which historically had been the second-biggest recipient after India," the report said.
India's remittance growth trajectory has been remarkable, consistently ranking among the top countries for inflows as emphasized by the report. In 2022, India saw a significant increase from previous years, exceeding its 2020 figure of $83.15 billion.
The report further emphasized the critical role of Southern Asia as a hub for migrant workers, with India, Pakistan, and Bangladesh among the top ten recipients of international remittances globally. These figures underscore the immense labor migration from the region and the economic significance of remittances to recipient countries.
India also boasts the largest number of international migrants globally, with substantial diasporas in countries like the United Arab Emirates, the United States, and Saudi Arabia. Additionally, India ranks among the top countries for international migration corridors, reflecting the global mobility of its population.
The report highlighted shifts in global migration patterns due to factors like demographic changes and pandemic-related policies, affecting remittance flows to countries such as China.
The COVID-19 pandemic significantly impacted Indian migrant workers, particularly those in low-skilled and informal sectors, leading to job losses, wage theft, and heightened insecurity.
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