According to a report published by The World Bank, remittance flow into India is on track to reach $100 billion this year, reflecting a growth of over 12%. This is largely due to migrants abroad sending back money to their family in India. With this accomplishment, India will retain its top spot as the world’s highest recipient of remittances.
India is now ahead of other strong remittance countries including Mexico, China, and the Philippines. This overall growth in remittances has accounted for nearly 3% of India’s entire GDP, and cash transfers to India continue to increase year after year.
Now more than ever, Indian nationals that are highly skilled are living in other wealthy nations, including the US and UK, and are sending money home. Many of those living in the United States have lived there for over 10 years, and a large percentage have graduate degrees and high-paying jobs.
The Indian diaspora is an important source of income for households back in India, as they rely on their family members to financially support them overseas where more opportunities are available. This is especially true for Indians in America, which has now passed the United Arab Emirates as the leading source country for remittances.
Remittances to South Asia overall have grown to $163 billion in 2022. Worldwide, $626 billion of remittances were reported this year. This will continue to grow as more opportunities are available overseas for higher paying jobs and better education. Wage hikes and a strong labor market in the United States has also played a huge role in this increase.
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