New Delhi (TDI): India is the largest recipient of remittances globally, and it has maintained this position in 2024, according to the latest data from the World Bank.
India received $129 billion in remittances from its diaspora. This amount is nearly equal to the combined annual budgets of Pakistan ($67 billion) and Bangladesh ($68 billion), meaning India’s remittances exceed the budgets of both countries.
Additionally, India’s remittances are twice as much as Mexico’s, which ranks second with $68 billion.
India has received over $100 billion in remittances each year for the last five years, except for 2020 when remittances were limited to $83 billion due to the COVID-19 pandemic.
This year, remittance growth is estimated at 5.8%, a significant increase compared to 1.2% growth in 2023.
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India’s remittances have also surpassed Foreign Direct Investment (FDI), which stood at $62 billion in the first three quarters of 2024.
Furthermore, India’s remittances are higher than the total defense budget for 2024, which exceeds $55 billion.
Overall, from 2014 to 2024, India has received nearly $1 trillion ($982 billion) in remittances.
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The annual breakdown is as follows: $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.
