India has once again topped the list of countries in terms of receiving maximum overseas remittances in 2022. Thanks to extensive Indian diaspora, the country received $100 billion in foreign remittances this year, as per the latest World Bank data on remittances of countries.
This is the first time India’s foreign remittance has touched the $100 billion mark.
In 2021, India received remittances worth $87 billion with the US being the biggest source, accounting for over 20 percent of the fund.
This year, India was followed by Mexico at number two position ($60.3 billion), China at number three ($51 billion), the Philippines at number four ($38 billion) and Egypt at number six ($32.3 billion).
Migrant workers send money or remittances to families back home and these funds are an important source of income for many households in so many countries, especially in South Asia. Reports suggest that foreign remittances also helped in bringing down poverty in developing nations and raised living standards of masses.
On the top-10 list of remittance recipient countries globally, Pakistan is ranked sixth this year with $29 billion fund followed by Bangladesh at $21 billion and Nigeria $20.9 billion. Other two are Vietnam and Ukraine with $19 billion and $18.4 billion remittances, respectively.
Why India is in an advantageous position as far as receiving foreign remittances are concerned, a World Bank report recently suggested that over the last few years, Indians have managed to take up high-skilled jobs in high-income countries, which resulted in giving them higher income and as a result they send more money back home.
