With a projected $129 billion in remittances in 2024, India has continuously received the most remittances worldwide. This is almost twice as much as Mexico, which came in second on the list of countries with the biggest remittances, and almost as much as the combined yearly budgets of Bangladesh ($68 billion) and Pakistan ($67 billion).
With the exception of 2020, when COVID-19 peaked, India has continuously received remittances of above $100 billion year for the past five years. Remittances are expected to climb at a 5.80% annual rate this year, up from a 1.20% growth rate in year 2023. Remittances to India have been so large that they have even greatly outpaced FDI (Foreign Direct Investment) inflows, which up to the September quarter totaled $62 billion.
Additionally, remittances exceeded India’s 2024 defense budget by almost $55 billion. India’s total remittances increased by 57% over the past ten years. Remittances to India have totaled around $1 trillion ($982 billion) between 2014 and 2024.