India's Remittances: In 2024, India is projected to receive $129 billion in remittances, nearly equalling the combined annual budgets of Pakistan ($67 billion) and Bangladesh ($68 billion), which totals approximately $135 billion.

At $129 billion, India's remittances alone is nearly as much as the annual budgets of Pakistan ($67 billion) and Bangladesh ($68 billion) combined. It is also nearly double that of Mexico, which took the second spot on the highest remittances list.

India continues to hold the position as the world's largest recipient of remittances, significantly surpassing other countries. Following India, Mexico ranks second with $68 billion, while China and the Philippines receive $48 billion and $40 billion, respectively.

As per the latest figures compiled by World Bank economists, India, which topped the list of recipient countries for remittances in 2024, received an estimated inflow of $129 billion. Mexico came second with $68 billion, China came third at $48 billion, the Philippines came fourth at $40 billion, and Pakistan came fifth at $33 billion.

Over the past decade, India's remittances have seen substantial growth, increasing by 57%. This upward trend is particularly notable since 2014, when remittances were around $70 billion, highlighting a consistent rise except for a dip during the COVID-19 pandemic in 2020.

The remittance inflows have outpaced Foreign Direct Investment (FDI) inflows into India, which stood at around $62 billion as of September 2024. Additionally, remittances exceed India's defence budget for 2024 by over $55 billion, underscoring their critical role in the economy.

In the last 10 years, India's overall remittances grew by 57 per cent. In total, between 2014 and 2024, India has received nearly $1 trillion dollars ($982 billion) only in remittances. 

The primary sources of remittances to India include countries with significant Indian diaspora populations such as the United States, United Arab Emirates, and Saudi Arabia. These countries contribute substantially to the financial support sent back home by non-resident Indians (NRIs).