Mumbai: India has emerged as the largest source of international migrants globally, with 18 million individuals migrating from the country to various parts of the world. Key destinations for Indian emigrants include the UAE, the USA, and Saudi Arabia.
Notably, migrant Indians contribute significantly to remittances, with projections indicating that remittances to India will surpass $110 billion by 2022.
According to the World Migration Report 2024 unveiled by the United Nations Global Migration Agency in Dhaka, India, Mexico, and China stand out as the top recipients of remittances. Following closely are the Philippines, France, and Pakistan.
India leads the pack, crossing the significant milestone of $100 billion in remittances, with receipts totaling $111 billion. This figure marks a notable increase from $83 billion recorded in 2020. Meanwhile, Mexico follows as the second-largest recipient, with remittances totaling $61 billion.
China, which held the second position last year, has slipped to third place, with remittances expected to reach $51 billion in 2022. This decline in China’s remittance receipts is attributed to a shrinking working-age population and stringent COVID-19 containment measures.
Pakistan and Bangladesh secure the 6th and 8th positions, respectively, with remittance receipts amounting to $30 billion and $21 billion, highlighting their significant contributions to global remittance flows.
