India retains its position as the largest recipient of remittances, says World Bank Report

According to the World Bank’s latest Migration and Development Report, India retained its position as the largest recipient of remittances, with an estimated 125 billion dollars in 2023. In the South Asian region, remittance flows to India experienced notable growth, contributing to the overall positive trend. South Asia, as a whole, witnessed a 7.2 percent increase in remittances in 2023. The top five remittance recipient countries include Mexico (67 billion dollars), China (50 billion dollars), the Philippines (40 billion dollars), and Egypt (24 billion dollars).

The Indian economy, buoyed by a tight labour market in the United States and robust employment growth in Europe, outperformed previous forecasts by reaching 125 billion dollars in remittances for the year. The report highlights India’s significant position as the top remittance recipient, drawing attention to the evolving dynamics in the remittance landscape.

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