India tops global remittances with $138 billion inflow

India received $138 billion in remittances in 2024, the highest of any country worldwide, according to data from the World Bank. The figure represents a significant increase from previous years, driven largely by the Indian diaspora in the United States, the United Arab Emirates, and Saudi Arabia.

Remittances to India have grown steadily over the past decade, with the United States accounting for the largest share. The World Bank noted that the flow of money from overseas workers has become a crucial source of foreign exchange for the country, supporting household consumption and investment.

The $138 billion inflow surpasses the previous record of $125 billion set in 2023. India has consistently topped the global remittance rankings since 2008, with China and Mexico trailing behind. The World Bank projects that remittance flows to low- and middle-income countries will continue to grow, though at a slower pace.

The Indian government has implemented policies to facilitate remittance flows, including tax incentives and simplified banking procedures. However, the report also highlighted risks such as exchange rate volatility and potential regulatory changes in host countries that could affect future inflows.