Money Is Where The Home Is

INDIA’S POSITION as the global leader in remittance inflows has been firmly established once again in 2023, continuing a trend of significant growth over the past decade. The dominance is underpinned by a vast and diverse diaspora spread across the world, particularly concentrated in the Gulf Cooperation Council (GCC) countries and the U.S., with substantial contribution from the U.K. The scale of flows has seen a remarkable increase — from $581 billion in 2013, this figure had surged to an estimated $857 billion in 2023, according to the World Bank. India’s inflows reached $120 billion in 2023, accounting for 13.9% of the total global remittance. In comparison, Mexico, the second-highest recipient, received nearly half of India’s remittances. India is poised to maintain its pre-eminent position in the global remittance landscape, benefiting millions of households and the broader economy.