Strong Growth in India’s Inward Remittances
Amid various global challenges, there’s some good news about the money sent back home by Indians living abroad. According to the International Organization for Migration’s recent World Migration Report, India emerged as the leading recipient of these remittances in 2024. The country received nearly $138 billion, which is a remarkable increase from around $53 billion in 2010.
To put this into perspective, Mexico came in second, but far behind at $68 billion. Currently, the Reserve Bank of India reported foreign exchange reserves of $691 billion, which is enough to cover about 11 months’ worth of imports. This highlights the significant role that remittances play in strengthening India’s economy.
