India Achieves Record Remittance Inflows in 2024

In December, 2024, World Bank research revealed that India has set a new milestone in global remittances, receiving a record $129.1 billion in 2024, solidifying its position as the world's leading remittance recipient.

Key Points

India’s Record Remittances: India received $129.1 billion in remittances in 2024, the highest amount ever recorded for any country in a single year.
Global Share of Remittances: India’s share of global remittances reached 14.3% in 2024, marking the highest share for any country since 2000.
Other Major Recipients: Mexico and China ranked second and third, with 7.5% and 5.3% shares of global remittances, respectively.
Declining Share for China: China’s share of remittances, once over 10% in the early 2010s, has steadily declined to 5.3% in 2024 due to its economic prosperity and aging population.
High Dependence in Other Countries: In countries like Nepal, Tajikistan, and Lebanon, remittances made up over 25% of their GDP, highlighting their critical economic role.
Record for Low and Middle-Income Countries: Low- and middle-income countries received a total of $685 billion in remittances in 2024, surpassing foreign direct investments (FDI) and official development assistance (ODA).
Shift in Global Financial Flows: Remittances have outpaced FDI and ODA in recent years, signaling their growing importance as a primary source of income for many nations.