India Achieves Historic $111 Billion in Remittances: Insights from the World Migration Report 2024

Written by

Shrishti Bajpai

Fact check by

Afreen Abbasi

Updated on

Jul 14,2024

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India has registered a groundbreaking milestone in the World Migration Report 2024 by the International Organization for Migration (IOM) in a period characterized by the effects of migration on economic landscapes worldwide. According to the report, India’s remittances hit an all-time high of $111 billion in 2022, a fact that underscores the crucial importance played by the Indian diaspora in boosting its economy. It is important to note that this feat made her become a trailblazing nation.

A Historical Milestone: Surpassing the $100 Billion Mark

India received a remittance of $111 billion, setting records and being the first-ever country to cross the $100 billion level in a single year. In particular, not China, not the Philippines, and certainly not France, received even close to this amount. Moreover, out of all the countries ranked below, Mexico has a much more significant digit, with the remittances that arrive there equal to $61 billion.

India's recent development in the remittances sent is compared to an earlier remarkable example in the previous part. The value of the remittances India has received has risen dramatically in recent years: $53.48 billion was the figure for 2010, followed by slight increases in 2015 ($68.91 billion) and 2020 ($83.15 billion) due to constant growth, underlining the long-standing position of remittances as an important pillar of the country's economy.

Indian People Around the World

Many Indians live in other countries, which makes a significant impact. India gets lots of money sent back from Indians living outside, and there are about 18 million Indians abroad. The main places they go are the United States, the United Arab Emirates, and Saudi Arabia. In these countries, Indians work in buildings, hotels, healthcare, and tech.

Challenges and Contributions in Different Places

The UAE, Saudi Arabia, and Kuwait in the Gulf have a significant effect on India's money, much of it coming from Indians working there. But Indian workers deal with many problems, like being treated badly, paying too much to go there, and facing hate.

The study talks about how essential Indian workers are in the Gulf, and this got more focus during events like the 2022 FIFA World Cup in Qatar. This event made people think more about the state of workers from other countries.

People moving

People circulate from one vicinity to another. A document about moving says that in India, more women are shifting than men. This isn't always equal in Bangladesh and Pakistan, wherein more men are moving. This is likewise visible in the GCC nations, in which there are plenty of men shifting for paintings.

Remittance: Outflows and Inflows

Back to the countries of origin, a lot of money is sent. In 2022, $831 billion was sent. This is more than the previous year. The cash assists individuals in low- or middle-income countries with such things as food and going to school. However, this money is significant in India because it helps many families with university fees and medical treatments. However, those who are migrating also have many other problems, such as debt and lack of legal status in a place that has worsened because of COVID-19.

Prospects Ahead

This unprecedented flow of remittances into India highlights the strength and commitment of its diaspora. As global migration trends continue to develop, remittances will probably become even more significant for India among other developing nations.

The World Migration Report 2024 provides an extensive overview of these trends, underlining the need for regulations safeguarding migrants’ human rights while optimizing the gains from migration both at sending and receiving sides. By responding to challenges and

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Frequently Asked Questions

What is the significance of India receiving $111 billion in remittances in 2022?

India’s remittances in its totality of $111 billion in 2022 is a historical first by any country to meet and surpass the $100 billion mark in one year. This event has crystalized the contributory impact of the Indian diaspora on India’s economy and, by extension the widening influence of international remittances.

How does India’s remittance figure compare to other countries?

India is, at the forefront when it comes to receiving remittances surpassing recipients. In 2022 Mexico got $61 billion China $51 billion, the Philippines $38 billion and France $30 billion. This highlights India's dependence on remittances, from its diaspora.

What factors contribute to the high level of remittances sent to India?

The significant amount of money sent back home can be credited to the community living abroad estimated at, around 18 million individuals. Popular locations where Indian expatriates reside include the United States, the United Arab Emirates and Saudi Arabia. Indians are engaged in fields like construction, hospitality, healthcare and information technology overseas enabling them to send funds back to their families, in India.

What challenges do Indian migrant workers face, especially in the Gulf Cooperation Council (GCC) countries?

Migrant workers, from India, working in the Gulf Cooperation Council (GCC) nations like the UAE, Saudi Arabia and Kuwait frequently encounter difficulties such as mistreatment, costly migration processes, discrimination and mistreatment at work. These concerns gained focus during global events such as the 2022 FIFA World Cup in Qatar shedding light on the working conditions and rights of these migrant workers, on an international scale.

How do remittances impact the economy and households in India?

Remittances are essential, for the economy as they help families by offering financial support for education, healthcare and better living conditions. Even though they bring about changes migrant workers encounter difficulties like debt, legal complications and the absence of social safety nets, which were worsened during the COVID-19 crisis. The report highlights the importance of implementing policies to safeguard the rights of workers and maximize the advantages of migration, for long-term economic development.