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India Becomes First Country to Surpass $100 Billion in Remittances: UN Report

© AP Photo / Rajanish KakadePeople walk past an electronic signage displaying news on federal budget at the Bombay Stock Exchange (BSE) building in Mumbai, India, Wednesday, Feb. 1, 2023.
People walk past an electronic signage displaying news on federal budget at the Bombay Stock Exchange (BSE) building in Mumbai, India, Wednesday, Feb. 1, 2023. - Sputnik India, 1920, 08.05.2024
The report highlights India's consistent lead in remittances, with the total rising from $53.48 billion in 2010 to $111.22 billion in 2022, marking the first instance any country surpassed the $100-billion mark.
Indians living abroad have sent more than $100 billion back home to help relatives, the UN has reported.
Indians led the world in remittances, sending over $111 billion in 2022, the International Organisation for Migration (IOM) said in its 2024 World Migration Report on Tuesday.

"India was well above the rest, receiving more than $111 billion, the first country to reach and even surpass the $100 billion mark," The report read. "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.”

The IOM stressed Southern Asia's significance as a major recipient of global remittances — thanks to its large proportion of migrant workers and emigrants.
India, Pakistan and Bangladesh all rank among the top ten recipients worldwide, underscoring the importance of labour migration from the sub-region.

“With India estimated to have received more than $111 billion in 2022, it is by far the largest recipient of international remittances in the world and the first country to ever reach that figure,” the report noted.

Pakistan and Bangladesh also feature prominently, ranking sixth and eighth respectively, with receipts nearing $30 billion and $21.5 billion in 2022.
Migrants constitute a substantial portion of the populations in several Gulf Cooperation Council (GCC) States. In the United Arab Emirates, Kuwait and Qatar, migrants represent 88 percent, nearly 73 percent and 77 percent of the national populations, respectively.
Many of these migrants originate from India, Egypt, Bangladesh, Ethiopia and Kenya, and are employed across sectors such as construction, hospitality, security, domestic work and retail.

The report also pointed out that Indians make up the largest international migrant group globally, with significant diasporas residing in countries such as the United Arab Emirates, Saudi Arabia and across the West.

While India ranks 13th as a destination country for immigrants, it features prominently in various international migration corridors including India-United Arab Emirates, India-Saudi Arabia, and Bangladesh-India, all of which are among the top 10.
Indian Prime Minister Modi, who is on a two-day visit to the UAE, held delegation-level and one-on-one talks with President Mohamed bin Zayed Al Nahyan in Abu Dhabi on Tuesday. - Sputnik India, 1920, 14.02.2024
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