
According to the United Nations migration agency, India has become the first country to receive over $100 billion in remittances in 2022. The International Organisation for Migration (IOM) revealed in its World Migration Report 2024 that India’s remittances surged to $111 billion last year, surpassing all other nations.
Top Recipients of Remittances in 2022
The report highlighted that India, Mexico, China, the Philippines, and France were the top five recipients of remittances in 2022. India’s dominance in remittances has been steadily growing over the years. The report’s data showed that India led in remittance receipts in 2010 ($53.48 billion), 2015 ($68.91 billion), and 2020 ($83.15 billion), with $111.22 billion in 2022.
Importance of Southern Asia in Remittance Inflows
Southern Asia, benefiting from a substantial migrant worker population, continues to attract some of the highest remittance inflows globally. Apart from India, Pakistan and Bangladesh also rank among the top ten recipients of international remittances, underscoring the significance of labor migration from this subregion.
Challenges Faced by Migrant Workers from Southern Asia
The report shed light on the challenges faced by migrant workers from Southern Asia, including financial exploitation, high migration costs leading to excessive debt, xenophobia, and workplace abuses.
Gulf States as Pivotal Destinations for Migrant Workers
The Gulf States remain pivotal destinations for migrant workers, particularly from India, Egypt, Bangladesh, Ethiopia, and Kenya. These workers are employed in sectors like construction, hospitality, security, domestic work, and retail.
India as a Major Source and Destination of International Migration
India stands out as the origin of the largest number of international migrants globally, with sizeable diasporas residing in countries such as the United Arab Emirates, the United States, and Saudi Arabia. Despite being a huge source of emigrants, India also attracted immigrants, ranking 13th globally as a destination country for international migrants.
Mexico Overtakes China as Second-Largest Recipient of Remittances
The report highlighted that Mexico has become the second-largest recipient of international remittances, overtaking China, which held this position historically. China’s declining remittance inflows were attributed to demographic shifts and its zero-COVID policy, which restricted overseas work opportunities.
Asia as a Major Source of Internationally Mobile Students
The report also pointed out that Asia serves as a major source of internationally mobile students, with China leading in outbound student mobility. The United States, the UK, Australia, Germany, and Canada remain preferred destinations for international students.