India received $111 billion remittance in 2022: World Migration report
Report
4 min read
According to the World Migration Report 2024, India became the first country in the world to receive over $100 billion in inward remittance. India received $111.22 billion in 2022 as remittance, while it received $83.15 billion in 2020. Mexico dethroned China to take the number two spot with an inward remittance of $61.10 billion in 2022.
Inward remittance refers to the money sent by the Indians working abroad to their relatives in India.
The World Migration Report, 2024, prepared by the United Nations International Organisation for Migration, was released in Dhaka, Bangladesh, on 8 May 2024.
The International Organisation for Migration is a Geneva-based United Nations agency.
The International Migration Report is published by the International Organisation for Migration every two years. The first International Migration Report was published by the UN body in 2000.
The 2024 report says that the global international remittance in 2022 was $831 billion, $791 billion in 2021, and $717 billion in 2020.
India remains the top remittance recipient country in the world
- India continues to be the top recipient of inward remittance in the world. India has an estimated 1.8 crore international migrants travelling abroad to work.
- The migrant workers include both skilled and unskilled workers. In the past, Indian international migrants mainly consisted of unskilled workers who worked in West Asian countries like UAE and Saudi Arabia.Kuwait etc.
- Recently, the proportion of skilled and qualified professionals like software engineers, Doctors, Chartered Accountants, etc, among Indian international migrants has been increasing.
- The skilled workers are highly paid and they send a large amount of money back to India.
Top 10 Remittance Recipient Countries
Following is the list of the countries which were ranked in the top 10 remittance recipient countries by the World Migration Report 2024.
|
Rank |
Countries |
Remittance received in USD |
|
1 |
India |
111.22 billion |
|
2 |
Mexico |
61.10 billion |
|
3 |
China |
51 billion |
|
4 |
Philippines |
38.05 billion |
|
5 |
France |
30.04 billion |
|
6 |
Pakistan |
29.87 billion |
|
7 |
Egypt |
28.33 billion |
|
8 |
Bangladesh |
21.50 billion |
|
9 |
Nigeria |
20.13 billion |
|
10 |
Germany |
19.29 billion |
India Largest Source of International Migration
India is the largest source of international migration in the world, with around 18 million people. The maximum migration of the Indians was to the UAE, where there were an estimated 3.47 million Indians, followed by 2.7 million in the US and 2.5 million in Saudi Arabia.
Gulf Countries are the largest destination for migrant workers.
According to the report, West Asia, particularly Gulf countries, was the largest destination for migrant workers, who constituted a significant proportion of the population of many countries in the region.
Around 88 per cent of the UAE population consists of migrants, 73 per cent in Kuwait, and 77 per cent in Qatar.
