Overseas Indians Set Record: $129.4 Billion Sent Home in 2024
India Remains Top Remittance Recipient for Over 25 Years
In 2024, overseas Indians sent a record-breaking $129.4 billion back to their home country, according to the Reserve Bank of India’s balance of payments data analysis. This marks the third year in a row that India has received remittances exceeding $100 billion. The country has been one of the world’s leading recipients of remittances for more than 25 years and has consistently held the top spot since 2008.
Key Factors Driving Remittance Growth
- Expansion of the IT sector in the 1990s
- Growth in services exports
- Migration of skilled professionals to developed nations in North America and Europe
These factors have worked together with traditional inflows from Gulf Cooperation Council (GCC) countries.
Inward Remittances Trend
Trend in inward remittances
Global Remittance Rankings
- India: $129.4 billion
- Mexico: $68 billion
- China: $48 billion
India’s remittances showed impressive growth at 17.4%, significantly higher than the global average growth projection of 5.8% for the year.
Impact of COVID-19 Pandemic
Since the pandemic began in 2020, the financial contributions of the diaspora have increased by 63%. “The recovery of job markets in high-income countries of the Organization for Economic Co-operation and Development (OECD) has been the main driver of remittances,” according to a World Bank blog.
Future Outlook
The Reserve Bank of India expects continued growth in remittances, projecting these inflows to reach around $160 billion by 2029.
