31st December 2024 (10 Topics)
2
Dec
3
Dec
4
Dec
5
Dec
6
Dec
7
Dec
9
Dec
10
Dec
11
Dec
12
Dec
13
Dec
14
Dec
16
Dec
17
Dec
18
Dec
19
Dec
20
Dec
21
Dec
23
Dec
24
Dec
25
Dec
26
Dec
27
Dec
28
Dec
30
Dec
31
Dec
India's Record Remittances in 2024
Context
In 2024, India set a new global record by receiving an estimated $129.1 billion in remittances, the highest amount ever for any country in a single year. This accounts for 14.3% of global remittances, marking the highest share India has had in global remittances since the year 2000. This data was highlighted in a blog article by the World Bank published recently.
What Are Remittances?
- Remittances refer to the money sent by individuals working abroad to support their families back home.
- For many developing countries, remittances are a critical source of income for households and have a major impact on the economy.
- Key Insights from 2024 Remittance Data
- Top Recipients of Remittances in 2024:
- India received the highest remittances, followed by Mexico and China.
- Other countries in the top 10 list include the Philippines, France, Pakistan, Bangladesh, Egypt, Guatemala, and Germany.
- China's Decline:
- China’s share of global remittances has declined sharply from over 10% in the 2010s to 5.3% in 2024. This decrease is attributed to China's growing economic prosperity and an ageing population, which have slowed the migration of less-skilled workers.
- India's Growing Share:
- India's share in global remittances has remained above 10% for most years since 2000, with a significant increase in the post-pandemic period.
- In 2024, India's remittance inflows were twice as high as Mexico’s, which was second at 7.5% of global remittances.
- Remittances as a Share of GDP:
- In some countries, remittances are a larger proportion of GDP compared to India. For example, Nepal saw over 25% of its GDP from remittances in 2024.
- India’s remittances accounted for 3.3% of its GDP in 2024.
- Remittances vs Other Financial Flows:
- In low- and middle-income countries, remittances have been the largest source of external financial flow, surpassing both Foreign Direct Investment (FDI) and Official Development Assistance (ODA) in recent years.
- From 2000 to 2024, remittances to these countries increased by 57%, while FDI declined by 41%.
Courses
Study
Notes
Home
Resources
More
