According to the World Bank, India is the global leader in remittances, receiving an estimated $125 billion by 2023, more than double the amount received by China, the second largest remittance country. India's money to grow by 11% from 2022.
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In this regard, the World Bank has informed in its report,
According to the report of the World Bank, Indians are the top in remittances from abroad this year. In the current year, Indians living abroad have remitted 10.38 lakh crore rupees back home, the report said.In the current year 2023, remittances to low and middle income countries have increased to Rs 55.53 lakh crore, registering a continuous growth.
India tops the list of countries with the most money.
This is an example of the important role played by the Indian diaspora in contributing to economic development.
Due to the recession and low economic growth, the income of migrants is likely to decrease next year.
South Asia as a whole registered a growth of 7.20 percent in remittances due to growth in remittances to India.
Due to a better labor market in the US and strong employment growth in Europe, Indians have been sending more remittances.
This is driven by higher wages and stronger labor markets in the US and other developed countries. Remittances account for 3% of India's GDP and are an important source of income for millions of households.
The US is the largest source of remittances to India, accounting for more than 20% of total inflows. Other major sources include the UAE, UK, Singapore and Saudi Arabia.
Remittances are expected to face some challenges in 2024 due to rising inflation, slower economic growth and tighter immigration policies in some countries.
However, as the diaspora continues to grow and contribute to the global economy, India's position as a top remittance destination will remain strong.