India leads remittances chart

Money Inflows

• India accounts for 66% of all remittances to South Asia
• US, UK and S’pore account for 36% of total remittances
• With 18%, UAE is 2nd largest after the US

New Delhi: The inward remittances to India in 2023 increased by 12.3 per cent to $125 billion from $111.22 billion in 2022, according to the latest data released by the World Bank. India’s inward remittances now account for 3.4 per cent of the country’s gross domestic product (GDP).

The World Bank’s ‘Migration and Development Brief’, released on Monday, states that India continues to be the highest recipient of remittances globally, followed by Mexico ($67 bn) and China ($50 bn).

India currently accounts for 66 per cent of all remittances to South Asia, higher than 63 per cent in 2022. The World Bank said that it is expected to soften to 3.1 per cent in 2024 mainly owing to the risk of a decline in real income for migrants in the face of global inflation and low growth prospects.

According to the data, the growth rate of remittances was highest in Latin America and the Caribbean (8%), followed by South Asia (7.2%) and East Asia and the Pacific (3%).