India top recipient of remittances with $137 bn flowing into the country in 2024, says UN report

India continued to dominate global remittance inflows in 2024, receiving more than $137 billion from its overseas population, far ahead of other major economies, a United Nations migration report said.

According to the World Migration Report 2026, India has consistently ranked as the top remittance recipient country, with inflows steadily rising over the past decade.

“India consistently leads as the top recipient of remittances, followed by Mexico,” the report noted, adding that Mexico, the Philippines and France followed India among the top four recipients globally in 2024.

Together, India, Mexico and the Philippines accounted for more than $245 billion in remittance inflows during the year, underlining the scale of migrant earnings flowing into developing economies.

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Decade-long growth trend

India’s remittance inflows have expanded significantly over the years, reflecting both the growing size of its diaspora and rising income levels abroad. From about $53.5 billion in 2010, inflows rose to $68.9 billion in 2015, $83.1 billion in 2020 and surged past $137 billion in 2024.

The report highlighted that South Asia recorded the fastest growth in remittances in 2024, at an estimated 11.8 per cent, driven largely by strong inflows into India, alongside Pakistan and Bangladesh.

Major source countries

High-income countries continued to dominate as the primary sources of remittances. The United States remained the largest remittance-sending country globally, with outward flows exceeding $100 billion in 2024.

Other major contributors included Saudi Arabia, Switzerland and Germany, reflecting the concentration of migrant workers and professionals in advanced economies.

These inflows play a critical role in supporting household consumption, education, healthcare and small enterprises in recipient countries.

Diaspora’s expanding economic role

Beyond remittances, the report emphasised the growing influence of the Indian diaspora in driving economic activity, particularly in sectors such as technology and innovation.

Policy initiatives such as diaspora engagement programmes and innovation hubs are aimed at encouraging overseas Indians to invest, mentor startups or return to contribute to domestic growth.

However, the report cautioned that such programmes can yield mixed results despite their long-term potential benefits.

India among top student origin countries

The report also pointed to India’s strong presence in global education mobility. India ranked second after China in terms of students studying abroad, with more than 620,000 Indians enrolled overseas.

Globally, more than half of internationally mobile students are based in Europe and North America, reflecting continued demand for higher education in developed regions.

With inputs from agencies.