India Tops Global Remittances for 2024
India maintained its position as the largest recipient of remittances globally, receiving $129 billion in 2024, a rise from ₹8.95 lakh crore in 2023. A World Bank report credits this to the Indian diaspora’s role, with funds coming from the Gulf, OECD countries like the U.S. and U.K., and others. Global remittances grew by 5.8%, led by LMICs like India, Pakistan, and Bangladesh. Remittances, vital for poverty alleviation, healthcare, and education, bolster economic stability and financial inclusion. India first crossed $100 billion in remittances in 2022, underlining the importance of its global workforce in national development.
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