Thursday 03 / April / 2025
New Delhi: Indian expats sent home a record $129.4 billion in 2024 with the highest ever remittances of $36 billion in the December quarter alone, according to the Reserve Bank of India data.
India received more than $100 billion as remittances for the third year in a row. The country has been among the top recipients for over 25 years since the nineties and has been consistently occupying the top most place since 2008. This led to a surge in services exports skilled professionals’ migration from India to developed economies in North America and Europe resulting in them sending money to their family back home.
Remittances are typically linked to employment conditions in the source country and migration pattern in the recipient country. India’s stock of international migrants has tripled from 6.6 million in 1990 to 18.5 million in 2024, with its share in global migrants rising from 4.3 per cent to over 6 per cent during the same period.
Indian migrants in the GCC countries account for around half of the total Indian migrants in the world.
In 2024, Mexico was at a second position with inflows estimated at $ 68 billion and China was third which is estimated to have got $48 billion during the year. Significantly, remittances grew 17.4 percent during the year compared to the global average estimated growth of 5.8 percent for the year.
