According to the Reserve Bank of India’s (RBI) most recent data, Indians working overseas sent home a record $129.4 billion in 2024, with the highest-ever inflows of $36 billion in the October-December quarter.
According to World Bank economists, India led the list of remittance recipients in 2024, with $68 billion, well outpacing Mexico in second place. China ($48 billion) ranks third, followed by the Philippines ($40 billion) and Pakistan ($33 billion).
According to World Bank data, remittances are expected to climb by 5.8% in 2024, up from 1.2% in 2023. The number of Indians working abroad has tripled from 6.6 million in 1990 to 18.5 million in 2024, while their percentage of global migrants has increased from 4.3 percent to more than 6% during the same period.
Indian migrants in Gulf countries account for roughly half of all Indian migrants worldwide. The revival of job markets in OECD high-income nations following the commencement of the COVID-19 epidemic has been the primary driver of remittances.
This is especially true in the United States, where foreign-born employment has steadily rebounded and is now 11% higher than it was before the pandemic in February 2020. Officially recognised remittances to low- and middle-income countries (LMICs) are estimated to total $685 billion by 2024.
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