India achieves historic milestone as first country to surpass $100 Billion in remittances
- In Reports
- 02:01 PM, May 08, 2024
- Myind Staff
According to the United Nations migration agency, India achieved a significant milestone in 2022 by becoming the first country to receive over $100 billion in remittances. The International Organisation for Migration (IOM) disclosed in its World Migration Report 2024 that India's remittances surged to $111 billion last year, surpassing all other nations.
The report stated that India led the global ranking, receiving more than USD 111 billion, thus becoming the first country to surpass the USD 100 billion mark. It also highlighted Mexico as the second-largest remittance recipient in 2022, a position it retained from the previous year, overtaking China, which historically held the second-largest recipient status after India.
The report noted that in 2022, India, Mexico, China, the Philippines, and France emerged as the top five recipients of remittances. India's prominence in remittance receipts has steadily increased over the years. Data from the report revealed that India led in remittances in 2010 with $53.48 billion, in 2015 with $68.91 billion, and in 2020 with $83.15 billion, further consolidating its position with $111.22 billion in 2022.
Southern Asia continues to attract some of the highest remittance inflows globally, benefiting from a substantial migrant worker population. Alongside India, Pakistan and Bangladesh also feature among the top ten recipients of international remittances, highlighting the significance of labour migration from this subregion.
The report illuminated the challenges confronted by migrant workers from Southern Asia, including financial exploitation, high migration costs leading to excessive debt, xenophobia, and workplace abuses.
The Gulf States retain their status as pivotal destinations for migrant workers, particularly from India, Egypt, Bangladesh, Ethiopia, and Kenya. These workers are employed across sectors such as construction, hospitality, security, domestic work, and retail.
India emerges as the origin of the largest number of international migrants globally, with significant diasporas residing in countries such as the United Arab Emirates, the United States, and Saudi Arabia. Despite being a substantial source of emigrants, India also attracts immigrants, ranking 13th globally as a destination country for international migrants.
The report underscores Mexico's ascent as the second-largest recipient of international remittances, surpassing China, which historically held this position. China's diminishing remittance inflows are attributed to demographic shifts and its zero-COVID policy, which restricts overseas work opportunities.
Furthermore, the report highlights Asia's role as a major source of internationally mobile students, with China leading in outbound student mobility. The United States, the UK, Australia, Germany, and Canada remain preferred destinations for international students.
Image source: Bloomberg
Comments