New Delhi. Indians are at the top in the world in sending money from abroad to their country. This trend continues for the third consecutive year. Indians have sent 129 billion dollars i.e. about Rs 10.7 lakh crore to India in 2024. In the last financial year 2023-24, Rs 8.95 lakh crore was sent home as remittance. According to a blog post of the World Bank, after India, Mexico, China, Philippines and Pakistan come next in receiving remittances. Remittance is a means of earning foreign exchange. Apart from Gulf countries, remittances come to India from developed countries like America, Britain, Australia and Canada.
According to a report, the growth rate of remittances this year was 5.8 percent, which is 1.2 percent more than in 2023. The main reason for this growth has been cited as the recovery of the job market in the member countries of the Organization for Economic Co-operation and Development (OECD) after the pandemic. The report also revealed that remittances have increased by 57 percent in the last decade, while foreign direct investment (FDI) has declined by 41 percent.
Remittance flows to low- and middle-income countries are projected to reach $685 billion in 2024, the World Bank said. The report also said that remittances are growing faster than other external financial flows and have the potential to increase further in the future. Remittance flows to South Asia are projected to grow the most in 2024, with an increase of 11.8 percent. India, Pakistan and Bangladesh were the major contributors in this region.
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