India’s Highest Global Remittance Share in 2024

• India received an estimated $129.1 billion worth of remittances in 2024, marking its highest ever share.

• Remittances are money sent back to support families in developing countries, contributing significantly to the recipient country’s economy.

• The top 10 receivers of remittances in 2024 were India, Mexico, and China.

• China’s share of remittances grew from less than 1% in the early 2000s to over 10% by the late 2000s and early 2010s, matching India’s numbers.

• From 2020, China’s share declined rapidly, reaching a two-decade low of 5.3% in 2024.

• India’s share in global remittances has remained above the 10% mark for most of the years since 2000, with a rapid increase in post-pandemic years.

• Remittances play a more critical role in funding current account deficits and fiscal shortfalls in some economies.

• In 2024, remittances formed over 25% of the GDP in Nepal, Tajikistan, Nicaragua, Lebanon, Samoa, Honduras, and Tonga.

• For many low-and middle-income countries, remittances act as a major source of income, receiving $685 billion as remittances in 2024.

• Remittances have even surpassed Foreign Direct Investment (FDI) in low-and middle-income countries.