India receives record $111 billion in remittances

 

India receives record $111 billion in remittances: What are these remittances?

India broke a record by receiving more than $111 billion in remittances in 2022, becoming the first country to cross $100 billion, according to the United Nations agency land. In the "World Migration Report 2024" published on Tuesday, the International Organization for Migration (IOM) announced that the top five countries that received the most money that year were India, Mexico, China, the Philippines and France. The 2024 World Migration Report published by the International Organization for Migration (IOM) shows that India came out on top in terms of remittances, receiving more than $111 billion in 2022. This staggering figure not only solidifies India's position as the world's largest recipient of remittances, but also marks the first time any country has crossed the $100 billion milestone.

South Asia, especially India, Pakistan and Bangladesh, is important for large remittances. This region is known for its large population of migrant workers and is consistently among the largest recipients of international exports. In 2022, Pakistan and Bangladesh ranked sixth and eighth, with Pakistan receiving about $30 billion and Bangladesh about $21.5 billion. Chapter

What is Remittance?

Remittances are money or direct transfers from immigrants to families or communities in their home countries.

The World Bank maintains records of international remittances worldwide. However, their information is not available without being recorded under the rules or informally, so the size of international exports may be larger than current estimates.

These transfers have grown significantly in recent years and are now an important source of foreign exchange earnings for many developing countries.

The biennial report shows that international remittances will reach $831 billion in 2022, of which low- and middle-income countries will receive $647 billion.