India secures topmost rank in the global remittance chart again, with an estimated $125 billion in 2023, A new World Bank report revealed on Monday.
According to the latest report named”Migration and Development Brief”, Mexico seconded the list after India, and China, the Philippines and Egypt are amongst top five largest recipients. Though the previous year recorded Pakistan as fifth one , Egypt has bagged the position this time.
A significant growth of 13% than last year
This financial year has highlighted 13 percent of growth from 2022’s $111 billion. With India being the highest receiver of remittance, South Asia registered an increase of 7.2 percent as a whole .
The Indian economic marketplace, equipped with a strong labour system in the United States and unexpected employment opportunities in Europe, made all the previous estimations wrong by meeting an USD125 billion remittances for 2023.
The report , otherwise, is also a proof of how workers are continuing to support their families and also contributing to the dynamics of the economic growth and resilience in the Indian diaspora.
Factors Contributing the growth of Remittance
A significant base of skilled and unskilled workers in the US, the UK, Singapore and Gulf nations and most importantly, plummeting inflation is supposed to be attributed in an 8% growth in flows to around $135 billion in 2024 , as per latest report on migration and development estimated.
The World Bank report marked an approximate growth of 3.8 per cent globally in remittances to low- and middle-income countries (LMICs) in 2023, solidifying $669 billion.
The US continues to serve as the largest source of Remittance globally with Saubi Arabia being the second one.
Promoting the local currencies for cross-border transactions and collaboration of the interlinking payment and messaging systems with the UAE earlier in February supposed to have benefitted India to score high remittance. However, the remittance flow also helped to boost the GCC countries, especially UAE.
Category-World
Tags: India, United States, Remittance, Economic growth
