New Delhi, April 1 – Indians working abroad sent home a record-breaking $129.4 billion in 2024, reaffirming India’s position as the world’s top remittance recipient. According to the latest figures released by the Reserve Bank of India (RBI), the last quarter of the year alone—October to December—saw the highest-ever quarterly inflows of $36 billion.
 

The World Bank, which tracks global remittance patterns, confirmed that India stands far ahead of other countries in terms of total inflows. The second-highest remittance recipient, Mexico, brought in $68 billion in the same period—barely half of India’s total. China followed in third place with $48 billion, then the Philippines with $40 billion, and Pakistan with $33 billion. Remittances are financial lifelines for many developing economies, and for India, they are a strong indicator of the global presence and economic impact of its migrant population. The surge in 2024 remittances represents a growth rate of 5.8 percent over the previous year, a significant leap from the modest 1.2 percent recorded in 2023, as per World Bank estimates.
 

India’s migrant population has expanded steadily over the years. The number of Indians working abroad has nearly tripled from 6.6 million in 1990 to 18.5 million in 2024, raising India's share in the global migrant population from 4.3 percent to more than 6 percent. A significant proportion of these migrants—nearly 50 percent—are located in the Gulf countries, where they form the backbone of several sectors, particularly construction, healthcare, and domestic services. A key factor behind the record remittance flow has been the strong recovery in job markets across high-income countries, particularly within the OECD (Organisation for Economic Co-operation and Development) nations. The United States, in particular, has witnessed a notable rebound in the employment of foreign-born workers, with figures showing an 11 percent increase compared to the pre-pandemic level in February 2020. This recovery has enabled many Indian migrants to continue supporting families back home, even amid inflationary pressures and global uncertainties.
 

The World Bank notes that officially recorded remittances to low- and middle-income countries (LMICs) are projected to reach $685 billion in 2024, reinforcing the critical role these funds play in supporting economies. More significantly, remittance flows have outperformed other external financial streams such as foreign direct investment (FDI) in LMICs. Over the past decade, remittances have surged by 57 percent, while FDI inflows have declined by 41 percent. This trend is likely to continue, driven by a complex mix of demographic trends, widening income gaps, and climate-induced migration. The World Bank emphasizes that global migration pressures will only grow, further enhancing the volume and importance of remittances to developing economies like India.
 

Beyond the numbers, remittances serve as a powerful tool in poverty alleviation, healthcare access, education, and housing development for recipient families. For India, the ever-growing remittance inflow not only strengthens foreign exchange reserves but also underlines the enduring economic ties between its diaspora and the homeland. In a world grappling with economic disruptions, India’s diaspora continues to shine as a resilient and reliable contributor to the country’s financial well-being. With migration expected to remain strong and host countries showing recovery in labor markets, India’s leadership in global remittance inflows is poised to remain steady in the coming years.