Home » Remittances to India were $111 billion in 2022: World Migration Report 2024

Remittances to India were $111 billion in 2022: World Migration Report 2024

by Leone
0 comment

India was the country that received the most remittances from outside in 2022, with $111 billion, according to the United Nations’ most recent World Migration Report. Compared to its closely rated counterparts Mexico ($61.1 billion), China ($51 billion), the Philippines ($38.05 billion), and France ($30.04 billion), its remittance receipts were significantly higher.

The research listed South Asia as receiving “some of the largest inflows of remittances globally” due to the “very large” number of migrant workers from the subregion. “Pakistan and Bangladesh, which were the sixth and eighth largest international remittance recipients in 2022 (about $30 billion and $21.5 billion, respectively), also have a significant portion of their populations living abroad as migrant workers, especially in Gulf Cooperation Council (GCC) states,” the statement continued. “India is also the origin of the largest number of international migrants in the world (nearly 18 million), with large diasporas living in countries such as the United Arab Emirates (UAE), US, and Saudi Arabia.”

Remittances continue to be a “lifeline” for many people in the subregion, but migrant workers from the South Asian countries mentioned above also face a “myriads of risks, including financial exploitation, excessive financial debt due to migration costs, xenophobia and workplace abuses,” according to the important report that is published every two years.

The article claims that India is the first country to hit and even surpass the $100 billion milestone. From 2010 to 2022, its revenue more than doubled. According to the research, the nation received $53.48 billion in 2010, $68.91 billion in 2015, and $83.15 billion in 2020.

All things considered, the decline in overseas remittances brought on by the COVID-19 pandemic in 2020 has been overcome. In 2022, the expected amount of foreign remittances sent by migrants worldwide was $831 billion. This was a roughly 16% increase from $717 billion in 2020 and a roughly 5% increase from 2021, when it was $791 billion. The survey also showed that between 2021 and 2022, remittance receipts to low- and middle-income nations rose by 8%, from $599 billion to $647 billion.

“Since the mid-1990s, official development assistance—defined as government funding intended to advance the welfare and economic development of developing nations—has significantly exceeded international remittance levels; moreover, they have recently eclipsed foreign direct investment,” the report stated.

GCC nations are important locations for migrant labourers.

The survey claims that the Gulf states continue to be popular locations for migrant labourers from all over the world. The FIFA World Cup in 2022 served as a reminder of the value of migrant labour to the subregion and raised awareness of human rights abuses. India, Egypt, Bangladesh, Ethiopia, and Kenya account for the majority of the GCC’s migrant population. They work in industries like retail, hospitality, security, construction, and housework.

According to the survey, several GCC nations rank among the world’s top remittance providers. In 2022, the remittance outflows from Saudi Arabia, Kuwait, and Qatar were around $39 billion, $18 billion, and $12 billion, respectively.

Gendered  aspect of the Labour force of migrants

The research states that there were somewhat more female immigrants from India than male immigrants. In India, Bangladesh, and Pakistan, the percentage of male emigrants is notably high.

From an Asian perspective, compared to Africa, there is far more variation in the distribution of male and female migrants among the top 10 nations of origin and destination. “Gulf countries, such as Kuwait, Saudi Arabia, and the United Arab Emirates, have a significantly higher proportion of male immigrants than female immigrants among the top destination countries. According to the survey, Malaysia is the only non-Gulf nation where the percentage of male migrants is considerably larger than that of female migrants.

Know more about vist: https://www.thehindu.com/business/Economy/india-received-111-billion-in-remittances-in-2022-world-migration-report-2024/article68153339.ece

@2024 – All Right Reserved. Designed and Developed by Biddyvocals