India breaks record with over $111 billion in remittances in 2022 (2024)

India received over USD 111 billion in remittances in 2022, marking a significant milestone as the first country to surpass the USD 100 billion threshold, according to the United Nations migration agency, the International Organization for Migration (IOM). In its World Migration Report 2024, launched on Tuesday, the IOM revealed that India was the top recipient of remittances in 2022, with Mexico, China, the Philippines, and France rounding out the top five.

The report highlighted the steady growth of remittances to India over the years. In 2010, India received USD 53.48 billion in remittances, which grew to USD 68.91 billion in 2015, USD 83.15 billion in 2020, and ultimately USD 111.22 billion in 2022. This influx of funds is largely driven by a significant number of migrant workers from Southern Asia. The report noted that India, Pakistan, and Bangladesh, among the top ten recipients of international remittances, demonstrate the importance of labour migration in the region.

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However, while remittances provide vital support to families and communities, the report also pointed out that migrant workers face numerous risks, such as financial exploitation, excessive financial debt due to migration costs, xenophobia, and workplace abuses. The Gulf States, a common destination for migrant workers from India and other countries, have faced criticism for rights violations, particularly highlighted during the 2022 FIFA World Cup in Qatar.

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Additionally, the IOM report discussed migration trends and patterns. It revealed that nearly 18 million or 1.3 per cent of India's population are international migrants, making India the largest source of migrants globally. Major diasporas from India are located in the United Arab Emirates, the United States, and Saudi Arabia. The report also stated that India is the 13th most popular destination for immigrants, with 4.48 million people coming from other countries to live in India.

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Regarding irregular migration, the report highlighted ongoing challenges at the United States-Mexico border, with record numbers of encounters in 2022. This has led to a significant increase in arrivals from countries like Venezuela, Cuba, and Nicaragua. However, it also noted that these encounters included migrants from other regions, including Haiti, Brazil, and even India.

The report emphasized the profound impact of the COVID-19 pandemic on migration patterns, particularly affecting low-skilled and undocumented workers. The pandemic led to job losses, wage theft, and a lack of social security, causing many Indian migrants to face financial instability and deep debt. It also reshaped internal migration within India, with a decline in blue-collar workforce mobility towards cities, affecting labour supply in major industries.

Overall, the IOM's World Migration Report 2024 provides a comprehensive view of the shifting landscape of migration and remittances, highlighting both the opportunities and challenges that migrant workers face in their journeys across the globe.

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