- At $129 billion, India’s remittances alone is nearly as much as the annual budgets of Pakistan ($67 billion) and Bangladesh ($68 billion) combined. It is also nearly double that of Mexico, which took the second spot on the highest remittances list.
- As per the latest figures compiled by World Bank economists, India, which topped the list of recipient countries for remittances in 2024, received an estimated inflow of $129 billion. Mexico came second with $68 billion, China came third at $48 billion, the Philippines came fourth at $40 billion, and Pakistan came fifth at $33 billion.
- India has steadily been receiving remittances of more than $100 billion each year for the last five years, except 2020 – when COVID-19 had peaked. That year India saw an inflow of $83 billion. The growth rate of remittances this year is estimated to be 5.8 per cent, compared to 1.2 per cent registered in 2023, according to a World Bank.
- India has received such high remittances that it has even surpassed the Foreign Direct Investment or FDI inflows significantly, which, till the September quarter stood at $62 billion. Remittances also surpassed India’s overall defence budget for 2024 by more than $55 billion.
- In the last 10 years, India’s overall remittances grew by 57 per cent. In total, between 2014 and 2024, India has received nearly $1 trillion dollars ($982 billion) only in remittances. The year-wise break-up being – $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.
Remittances To India As Much As Pak, Bangladesh Budgets Combined: 5 Facts
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