India 1st country to cross $100-bn remittances

United Nations: India received over $111 billion in remittances in 2022, the largest in the world, becoming the first country to reach and even surpass the $100 billion mark, the United Nations migration agency has said. The International Organisation for Migration (IOM), in its World Migration Report 2024 launched Tuesday, said that in 2022, India, Mexico, China, the Philippines and France were the top five remittance recipient countries.

“India was well above the rest, receiving more than $111 billion, the first country to reach and even surpass the $100 billion mark. Mexico was the second-largest remittance recipient in 2022, a position it also held in 2021 after overtaking China, which historically had been the second-biggest recipient after India,” the report said.

According to the report’s data, India was the top country receiving remittances in 2010 ($53.48 billion), 2015 ($68.91 billion), and 2020 ($83.15 billion), with the remittances crossing the $100 billion mark to reach $111.22 billion in 2022.