look news india
Foreign Remittances to India: Indians live in most corners of the world. Indians have become the highest earners abroad. In 2023, Indians sent $120 billion as remittance from abroad to India. Which is double the remittance of $66 billion received by Mexico.
According to a report released by the World Bank, China ($50 billion), the Philippines ($39 billion) and Pakistan ($27 billion) are among the top five recipient countries receiving remittances from abroad. The volume of official remittances to low and middle-income countries (LMICs) remained low after strong growth during 2021-2022. However, it reached $656 billion in 2023.
Indians made a lot of money
In the case of India, remittances grew by 7.5 percent in 2023. It has reached $120 billion. Remittances have increased due to the fall in inflation in the US and the benefit of a strong labor market. The US is the largest destination for skilled immigrants from India. In addition, the demand for skilled and semi-skilled workers in the Gulf countries (GCC) also had a positive impact on remittances.
The situation in Pakistan
In the case of Pakistan, the demand abroad was also good, but due to the deterioration of the economic situation there after the Corona epidemic, remittances have decreased. Due to the weak economic situation due to balance of payments and financial difficulties, it fell by 12 percent to $ 27 billion in 2023. When in 2022 they received $ 30 billion. According to the World Bank, the United Arab Emirates is the second largest source of money sent by migrants to India after the US. Received 18 percent of total remittances.
