The United Nations migration agency reported a significant milestone for India in its World Migration Report 2024, noting that the country emerged as the first-ever recipient of over $100 billion in remittances in 2022.
According to the International Organisation for Migration (IOM), India's remittances surged to an impressive $111 billion in the said year, surpassing all other nations globally.
The report underscored India's remarkable lead in remittances, stating, "India was well above the rest, receiving more than USD 111 billion, the first country to reach and even surpass the USD 100 billion mark." Mexico followed as the second-largest recipient in 2022, maintaining its position from the previous year, ahead of China.
Notably, India, Mexico, China, the Philippines, and France emerged as the top five recipients of remittances in 2022.
India's dominance in remittances has been consistently growing, evident from its leading position in 2010, 2015, and 2020, with $111.22 billion in 2022 alone.
Southern Asia, buoyed by a substantial migrant worker population, continues to attract some of the highest remittance inflows globally, with Pakistan and Bangladesh also ranking among the top ten recipients of international remittances.
Despite the economic benefits, migrant workers from Southern Asia face myriad challenges, including financial exploitation, exorbitant migration costs leading to debt traps, xenophobia, and workplace abuses.
The Gulf States remain crucial destinations for migrant workers, particularly from India, Egypt, Bangladesh, Ethiopia, and Kenya, employed across various sectors.
India's significance in global migration is further highlighted by its status as the origin of the largest number of international migrants worldwide, with sizable diasporas residing in countries like the United Arab Emirates, the United States, and Saudi Arabia.
Interestingly, while India is a substantial source of immigrants, it also attracts immigrants, ranking 13th globally as a destination country for international migrants.
The report also shed light on the shifting landscape of international remittances, with Mexico rising as the second-largest recipient, surpassing China. China's decline in remittance inflows was attributed to demographic shifts and stringent COVID-19 policies limiting overseas work opportunities.
Moreover, Asia serves as a significant source of internationally mobile students, with China leading in outbound student mobility. Traditional destinations such as the United States, the UK, Australia, Germany, and Canada remain popular choices for international students.
