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India's annual remittances - 100 billion mark
April 27 , 2023
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- India has become the first country in the world to cross the $100 billion mark in annual remittances from overseas.
- According to the World Bank, private remittances or remittances from NRIs to relatives and friends in India crossed the threshold in 2022 with an impressive 12% year-on-year growth.
- The country is likely to retain the top remittance destination tag in FY23, which it beat China in FY21.
- The remittances to low-income and middle-income countries reached around $630 billion in 2022, up 5% year-on-year.
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