India becomes first country to get over $100 billion in remittances

New Delhi, May 08, 2024.

India has become the first country to receive over $100 billion in remittances in 2022, according to the United Nations migration agency.

The International Organisation for Migration (IOM) revealed in its World Migration Report 2024 that India’s remittances surged to $111 billion last year, surpassing all other nations.

“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 was the second-largest remittance recipient in 2022, a position it also held in 2021 after overtaking China, which historically had been the second-biggest recipient after India,” said the report.

The report highlighted that India, Mexico, China, the Philippines, and France were the top five recipients of remittances in 2022.

India’s dominance in remittances has been steadily growing over the years. The report’s data showed that India led in remittance receipts in 2010 ($53.48 billion), 2015 ($68.91 billion), and 2020 ($83.15 billion), with $111.22 billion in 2022.