New Delhi: In 2024, Indian expatriates sent a record-breaking $129.4 billion back home, with an unprecedented $36 billion in remittances recorded in the December quarter alone, as reported by the Reserve Bank of India.
For the third consecutive year, India received over $100 billion in remittances. The country has consistently ranked among the top recipients for more than 25 years, maintaining the leading position since 2008. This trend has contributed to a rise in service exports and the migration of skilled professionals from India to developed nations in North America and Europe, enabling them to support their families financially back home.
Remittances are generally influenced by employment conditions in the countries of origin and migration trends in the destination countries. The number of international migrants from India has surged from 6.6 million in 1990 to 18.5 million in 2024, increasing its share of global migrants from 4.3 percent to over 6 percent during this timeframe.
Approximately half of the Indian migrant population resides in Gulf Cooperation Council (GCC) countries.
In 2024, Mexico ranked second with remittance inflows estimated at $68 billion, while China followed in third place with an estimated $48 billion. Notably, remittances from India grew by 17.4 percent over the year, significantly outpacing the global average growth rate of 5.8 percent.
