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India became the largest remittances recipient by crossing $100 billion mark in 2022
As per the recent World Migration Report 2024 by The International Organizations for Migration, India has crossed the $100 billion mark in remittances and became the top remittances recipient around the world with over $111 billion.
More about the report:
India became the first country around the world to cross the $100 billion mark even though India has crossed that mark and in 2022 it received over $111 billion remittances globally.
India is followed by Mexico. Mexico was the second largest remittance recipient in 2022. It also placed second in 2021 by overtaking China.
India has become the top remittance recipient many times before. According to the report, in 2010, 2015, 2020 and 2022, India topped the list of global remittance recipient countries.
Southern Asia performance:
Among the top ten recipients of international remittances in the world, three countries from southern Asia made their place. These countries were India, Pakistan and Bangladesh. Southern Asia received some of the largest inflows of remittances. Pakistan ranked 6th and Bangladesh was eighth largest international remittance recipient in 2022.
Top 5 largest remittance recipient countries in 2022:
| Spot | Countries |
| 1 | India |
| 2 | Mexico |
| 3 | China |
| 4 | The Philippines |
| 5 | France |
Conclusion:
The World Migration Report is a comprehensive publication released by the International Organization for Migration (IOM). It covers various aspects of migration, including trends, policies, and impacts on societies and individuals globally. It’s a valuable resource for understanding the complexities of migration in the contemporary world.
Important Questions:
- What is India’s rank in global remittance recipient countries in 2022?
- What is the world migration report?
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