In the field of Remittance, India continues to stay at the top, as in the fiscal year 2023-24, the indian diaspora has sent around $107 billion in remittances. Thus, crossing the $100 billion mark for the second financial year consecutively.
According to ET report, the net remittances are now double the amount of net foreign investments, which consists of both FDI and portfolio investments. Which now stands at $54 billion.
As implied by private transfers in balance of payments, the gross remittances stood at $119 billion in FY 2023-24. But, after taking income repatriation into account by private foreign natives and other remittances, the net private transfers stood at $107 billion.
According to RBI survey, the United States of America serve as a huge source of remittances, which stands at 23%.
After India, other countries like Mexico ($67 billion), China ($50 billion), the Philippines ($40 billion), and Egypt ($24 billion) also get a huge remittance from their diasporas, as of 2023.
However as per World Bank, the remittance transferred to low-and-middle income countries will most likely decrease to 3.1% in 2024.
This modest prediction is driven by many factors primarily by slow economic growth and presence of weak job market in host countries.