India continues to lead global remittances with a remarkable surge in funds sent by overseas citizens
New Delhi: Indian expatriates sent home a record $129.4 billion in 2024, with a staggering $36 billion remitted in the December quarter alone, according to data released by the Reserve Bank of India, reported timesofoman.com.
This marks the third consecutive year that India has received over $100 billion in remittances, solidifying its position as the world’s top recipient for more than 25 years. India has consistently ranked first in global remittances since 2008, driven by a steady stream of skilled professionals migrating to developed economies in North America and Europe, sending money back to their families.
India’s growing share of global remittances is tied to the increasing migration of skilled workers. The stock of Indian international migrants has tripled from 6.6 million in 1990 to 18.5 million in 2024, with India’s share of global migrants rising from 4.3% to over 6% during the same period.
Indian migrants in the GCC countries represent around half of the global Indian migrant population. The flow of remittances is typically influenced by employment conditions in the host countries and migration patterns, with India benefitting from a robust migration of skilled labor across the globe.
In comparison, Mexico ranked second in remittances with $68 billion, while China followed in third place with an estimated $48 billion. India’s remittances grew by 17.4% in 2024, significantly outpacing the global growth average of 5.8% for the year.
