India received US$ 111 billion in remittances in 2022, the highest by any country: United Nations

The International Organization for Migration's World Migration Report 2024 revealed that India led the world in remittances in 2022, receiving over US$ 111 billion, marking the first instance of any country surpassing the US$ 100 billion mark. This milestone underscores the crucial role of remittances in India's economy, with consistent growth over the past decade, where it emerged as the top recipient in 2010, 2015, and 2020. India, Pakistan, and Bangladesh are among the top ten recipients globally, highlighting the significance of labour migration in Southern Asia.

Despite the economic lifeline remittances provide, migrant workers in the region face various risks, including financial exploitation, indebtedness due to migration costs, and workplace abuses. The Gulf Cooperation Council (GCC) States remain prominent destinations for migrant labour, with the 2022 Football World Cup shedding light on labour rights violations. As remittance inflows continue to shape the region's economy, rigorous efforts are needed to address the vulnerabilities migrant workers face and ensure their rights and well-being are protected.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.