India Received Over $111 Billion In Remittances In 2022, First Country To Cross $100 Billion Milestone: All About It

India became the world's top recipient of foreign remittances in 2022, with more than $111 billion, marking the first time any country has surpassed the $100 billion threshold, according to the International Organisation for Migration (IOM).

The IOM's World Migration Report 2024, released Tuesday, highlighted that India led global remittance receipts ahead of Mexico, China, the Philippines, and France.

The report detailed that Mexico retained its position as the second-largest recipient with over $61 billion, while China received around $51 billion.

Notably, the historical data shows a consistent increase in remittance flows to India, from $53.48 billion in 2010 to $111.22 billion in 2022.

"India was well above the rest, receiving more than $111 billion, the first country to reach and even surpass the $100 billion mark. Mexico was the second-largest remittance recipient in 2022, a position it also held in 2021 after overtaking China, which historically had been the second-biggest recipient after India,” the report said, NDTV reported.

According to the report's data, India was the top country receiving remittances in 2010 ($53.48 billion), 2015 ($68.91 billion), and 2020 ($83.15 billion), with the remittances crossing the $100 billion mark to reach $111.22 billion in 2022.

Southern Asia, benefiting significantly from its large migrant worker population, remains a key region for remittances, with Pakistan and Bangladesh also ranking among the top ten recipients globally.

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