Posted 12/18/2023, 1:44:59 PM
India Set for $125 Billion in Remittances in 2023, World's Highest for 2nd Year
- India to receive record $125 billion in remittances in 2023, double that of China's $50 billion
- India retains top spot globally as largest recipient of remittances for second straight year
- Growth driven by high US employment, lower inflation in wealthy nations, India's digital payments ecosystem
- Remittances account for just 3.4% of India's GDP compared to over 40% for some smaller economies
- India projected to receive even larger $135 billion in remittances in 2024, though dependent on global developments