India secured the top spot as the world’s highest recipient of remittances from international workers, receiving $137.7 billion in 2024, a significant increase from $83.2 billion in 2020, as per the International Organisation for Migration (IOM) report. The United States emerged as the primary source of remittances globally, sending out $103.2 billion, followed by Saudi Arabia at $46.6 billion. South Asia is projected to experience the most substantial growth in remittances, with an expected 11.8% increase in 2024.
The report highlighted that India to the United Arab Emirates (UAE) constitutes the world’s fifth-largest migration corridor, primarily comprising migrant workers, with over 3 million Indians residing there, making it the top nationality in the UAE. Additionally, India to the US migration route accommodated around 3.2 million Indian migrants in 2024, positioning them as the second-largest foreign-born group after Mexicans. The IOM noted a continuous and significant rise in the number of international migrants from India, particularly to the US, where they contribute as skilled workers or international students.
Moreover, the report mentioned the substantial presence of Indian migrants in Oceania, with the second-largest migrant route being from India to Australia, hosting approximately 876,000 Indians. The contributions of migrants to their home countries were underscored, emphasizing their role in driving direct investment, promoting tourism, and strengthening economic ties. The Indian diaspora’s impact on India’s technology sector and its influence on US-India relations through organizations like USINPAC were also acknowledged.
The report shed light on India’s efforts to engage with its diaspora, including hosting diaspora conventions and innovation hubs to attract Indian scientists and entrepreneurs back to the country. It highlighted the investment opportunities provided to migrants through diaspora bonds, citing India’s success in raising over $10 billion through such bonds. The importance of diaspora policies in enhancing remittance inflows and diaspora investments was emphasized, with India ranking second globally in terms of students studying abroad, with over 620,000 Indian students.
Furthermore, the report stressed the significance of addressing mobility inequalities and implementing geographic free-movement arrangements to facilitate safe and orderly global migration. However, when questioned about recent agreements India made with various countries regarding labor movement, the IOM spokesperson declined to comment.
