UN Report Highlights India as Leading Recipient of Remittances
India has claimed the top position globally for receiving remittances from its overseas workers, amounting to a staggering $137.7 billion in 2024. This figure marks a significant increase from $83.2 billion in 2020, according to the International Organization for Migration (IOM).
The IOM’s International Migration Report for 2026, released recently, reveals that the United States remains the largest source of remittances, sending a total of $103.2 billion. Saudi Arabia follows in second place, contributing $46.6 billion.
The report highlights that South Asia is projected to experience the most substantial growth in remittances, anticipated to rise by 11.8% in 2024.
India boasts the fifth-largest migration corridor in the world, primarily comprised of workers moving to the United Arab Emirates (UAE). Reports suggest there are over 3 million Indians living in the UAE, making them the largest nationality in the country.
Following closely is the Indian population in the United States, where approximately 3.2 million Indians reside, ranking as the second-largest group of foreign-born residents, behind Mexicans.
The IOM notes, “The number of international migrants from India has seen a steady and remarkable increase over the decades, with many opting for the US as highly skilled workers or international students.”
In Oceania, Australia hosts around 876,000 Indian migrants, representing the second-largest route for Indian migrants in the region.
The contributions of these migrants are significant, according to the report. By acquiring knowledge and fostering international relations, they enhance investments in their home countries and promote tourism, thereby strengthening economic ties.
Furthermore, the report acknowledges that the Indian diaspora has played a crucial role in the growth of India’s technology sector. Their influence extends to political realms as well, particularly in the US, through organizations like the United States–India Political Action Committee (USINPAC). These efforts have bolstered US-India relations and fostered agreements beneficial to both nations.
To engage with its expatriates, India has been implementing initiatives including annual diaspora conventions and innovation hubs to encourage knowledgeable professionals to return or mentor startups from afar.
The report also outlines investment opportunities, suggesting that diaspora bonds could enhance returns and deepen connections to India. While India has not formally issued specific diaspora bonds, it actively encourages its Non-Resident Indians (NRIs) to invest in various government and private-sector bonds.
Countries with targeted diaspora policies tend to see significantly higher remittance levels and investments compared to those without, the report further notes.
With over 620,000 Indian students studying abroad, India ranks second in this area. The report emphasizes that returning graduates can trigger innovations, improve business practices, and aid economic and social development in India.
Lastly, the report underlines the importance of addressing “mobility inequalities” through collaborative migration policies that ensure safe and orderly movement globally.
At the press conference for the report’s launch, IOM spokesperson Zoe Brennan refrained from commenting on recent agreements India formed with the European Union, Britain, Germany, New Zealand, and others regarding labor mobility.
