India Received $134 Billion In Remittances In 2024, Highest In The World, Says UN Report

(MENAFN- Live Mint) India remained the top remittance recipient country in the world in 2024, with Indians sending home over 137 billion dollars, a report by the International Organization for Migration (IOM) of the UN said. According to the World Migration Report 2026, released on Tuesday, India is the only nation to surpass 100 billion dollars in remittances.

"India consistently leads as the top recipient of remittances, followed by Mexico," the report said.

India was followed by Mexico, the Philippines and France in 2024 as the top four remittance recipient countries globally, the report said.

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"India, however, continued to be well above the rest, receiving more than USD 137 billion, and remained the only country to surpass USD 100 billion," it noted.

How much Indians have been sending home

Since 2010, India has been the top remittance receiving country in the world, when it had received 53.48 billion dollars, which grew over the years to 68.91 billion dollars in 2015, 83.15 billion dollars in 2020 and 137.67 billion dollars in 2024.

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The report said that the distribution of remittances varies across regions as well, with South Asia estimated to experience the highest growth in 2024 at 11.8 per cent, driven by continued strong inflows to India, Pakistan and Bangladesh.

Top remittance senders

High-income countries are almost always the main source of international remittances. For decades, the United States of America has consistently been the top remittance-sending country in the world, with a total outflow surpassing USD 100 billion in 2024. It was followed by Saudi Arabi (over USD 46 billion), Switzerland (around USD 40 billion) and Germany (nearly USD 24 billion).

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The report also said that countries in Asia continue to account for the largest share of internationally mobile students. In 2022, more than one million international students came from China, the single largest origin country worldwide. India ranked second, with over 620,000 students abroad.

Beyond these two leading countries, origin country numbers drop considerably: Uzbekistan (150,000), Viet Nam (134,000) and Germany (126,000) follow, while the United States, France, Nigeria, the Syrian Arab Republic and Nepal each had between 95,000 and 115,000 students studying abroad. More than half of the world's internationally mobile students reside in countries in Europe and North America.

India is turning brain drain into brain gain

The Indian diaspora has been instrumental in the expansion of India's technology sector, it said.

The report pointed out that protecting migration's role in development also means addressing the "brain drain" challenge and turning it into "brain gain". When skilled workers emigrate, origin countries may lose human capital, but tailored policies can circulate knowledge so that both origin and destination countries benefit.

"India's brain gain efforts include annual diaspora conventions and innovation hubs to entice Indian scientists and entrepreneurs back (or to mentor startups remotely), while China's initiatives like the Thousand Talents Plan have successfully attracted thousands of overseas Chinese academics to return and bolster domestic research and development. Such programmes can have mixed results, however, notwithstanding the longer-term benefits," it said.

(With PTI inputs)

Key Takeaways

India surpassed $137 billion in remittances in 2024, maintaining its status as the top recipient globally. The growth of remittances reflects the significant contributions of the Indian diaspora to the economy. Addressing brain drain through initiatives like diaspora conventions can turn emigration into brain gain.

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