India has made a strong presence in terms of the amount sent back home from abroad. Indians living abroad sent $120 billion back home in the last year i.e. 2023. This is almost double the $66 billion received by Mexico in the same period. According to the news of Bhasha, this has been said in the latest report released by the World Bank. China (50 billion dollars), Philippines (39 billion dollars) and Pakistan (27 billion dollars) are among the top five countries receiving remittances from abroad.
7.5 percent increase in 2023
According to the news, the World Bank report said that after strong growth during 2021-2022, officially sent outward money or remittances (remittances) to low and middle-income countries (LMICs) declined in 2023 and reached $656 billion. In the case of India, remittances grew by 7.5 percent in 2023 and stood at $120 billion. This reflects the benefits of falling inflation and strong labor markets in the US.
America is a priority for skilled immigrants from India
According to the report, the US is the largest destination for skilled migrants from India. Apart from this, the demand for skilled and semi-skilled workers in the Gulf countries (GCC) also had a positive impact on remittances. In the case of Pakistan too, the demand abroad was good and this could have led to good remittances, but due to the weak internal situation due to the balance of payments crisis and economic difficulties, it fell by 12 percent to $ 27 billion in 2023.
Whereas in 2022 it received 30 billion dollars. According to the World Bank, the United Arab Emirates is the second largest source of money sent to India by migrants from abroad after the US. 18 percent of the total remittances have been received there.
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