India received $120 bn in remittances in 2023: WB

June 26, 2024 21:42

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India received $120 billion in remittances in 2023, which is almost twice of $66 billion received by Mexico during the same period, the World Bank said in a report released on Wednesday.

China ($50 billion), the Philippines ($39 billion), and Pakistan ($27 billion) figure in top five countries list of remittances recipients as released by the World Bank, according to which remittances in 2023 after a period of strong growth during 2021-2022, officially recorded remittance flows to low- and middle-income countries moderated in 2023, reaching an estimated $656 billion.

"Growing at 7.5 per cent, remittance flows to India touched $120 billion in 2023, reflecting the benefits of a deceleration in inflation and strong labour markets in the United States, the largest destination for India's skilled migrants, and other OECD destinations, as well as positive demand for skilled and less-skilled workers in the GCC countries (which, together, are the second largest destination for Indian migrants)," the World Bank said.

While the same external demand conditions could have favoured remittance flows to Pakistan, weak internal conditions due to a balance of payments crisis and economic difficulties triggered remittances to plummet 12 percent to $27 billion in 2023 compared with more than $30 billion in 2022, it said. -- PTI

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