Posted 12/18/2023, 7:06:23 PM
India Top Destination for Remittances, Expected to Reach $125 Billion in 2023
- Remittances to India estimated to rise over 11% to $125 billion in 2023, retaining top spot ahead of Mexico and China
- Driven by remittances to India, flows to South Asia grew 7.2% in 2023 to reach $189 billion
- Key drivers are tight US labor market, high European employment growth, and lower inflation
- Top remittance sources are US, Saudi Arabia, and GCC countries like UAE
- India-UAE agreement to promote use of local currencies for cross-border transactions to channel more remittances through formal channels