India emerges as global leader in remittances

India has secured its position as the world's top recipient of remittances, with a staggering $107 billion in net money transfers from its citizens abroad during the 2023-2024 fiscal year, Azernews reports, citing Report.

This achievement marks the second consecutive year that India has surpassed the $100 billion milestone, solidifying its dominance in the global remittance landscape.

The World Bank report highlights India's exceptional performance, followed by other major remittance recipients: Mexico: $67 billion, China: $50 billion, Philippines: $40 billion, Egypt: $24 billion.