Rising KashmirRising KashmirRising Kashmir
  • Home
  • Top Stories
  • News
    • Kashmir
    • City
    • Jammu
    • Politics
  • Health
  • Anchor
  • Features
  • Interview
  • Video
Search

Archives

  • May 2025
  • April 2025
  • March 2025
  • February 2025
  • January 2025
  • December 2024
  • November 2024
  • October 2024
  • September 2024
  • August 2024
  • July 2024
  • June 2024
  • May 2024
  • April 2024
  • March 2024
  • February 2024
  • January 2024
  • December 2023
  • November 2023
  • October 2023
  • September 2023
  • August 2023
  • July 2023
  • June 2023
  • May 2023
  • April 2023
  • March 2023
  • February 2023
  • January 2023
  • December 2022
  • November 2022
  • October 2022
  • September 2022
  • August 2022
  • July 2022
  • June 2022
  • May 2022

Categories

  • Anchor
  • Breaking
  • Business
  • City
  • Developing Story
  • Editorial
  • Education
  • Features
  • Health
  • Interview
  • Jammu
  • Jammu and Kashmir News
  • Kashmir
  • Kashmir Tourism
  • Kath Bath
  • National
  • Opinion
  • Politics
  • Sports
  • Technology
  • Top Stories
  • Trending
  • Uncategorized
  • Video
  • Viewpoint
  • World
© 2022 Foxiz News Network. Ruby Design Company. All Rights Reserved.
Reading: India tops global remittance charts at USD 125 billion in 2023: World Bank report
Share
Notification Show More
Font ResizerAa
Rising KashmirRising Kashmir
Font ResizerAa
  • Home
  • Top Stories
  • News
  • Health
  • Anchor
  • Features
  • Interview
  • Video
Search
  • Home
  • Top Stories
  • News
    • Kashmir
    • City
    • Jammu
    • Politics
  • Health
  • Anchor
  • Features
  • Interview
  • Video
Follow US
© 2024. All Rights Reserved.
Rising Kashmir > Blog > Breaking > India tops global remittance charts at USD 125 billion in 2023: World Bank report
Breaking

India tops global remittance charts at USD 125 billion in 2023: World Bank report

ANI
Last updated: December 18, 2023 11:45 am
ANI
Published: December 18, 2023
Share
4 Min Read
SHARE

The World Bank’s latest Migration and Development Brief reveals a continuing growth in remittance flows to low- and middle-income countries (LMICs) in 2023, albeit at a slower pace compared to previous years.

According to the World Bank, the report highlights India’s significant position as the top remittance recipient, drawing attention to the evolving dynamics in the remittance landscape.

Remittances to LMICs grew by an estimated 3.8 per cent in 2023, reaching a total of USD669 billion. Resilient labour markets in advanced economies and Gulf Cooperation Council (GCC) countries played a pivotal role in supporting migrants’ ability to send money home.

The report suggests a potential risk of a decline in real income for migrants in 2024 due to global inflation and low growth prospects.

In the South Asian region, remittance flows to India experienced notable growth, contributing to the overall positive trend. South Asia, as a whole, witnessed a 7.2 per cent increase in remittances in 2023.

The Indian economy, buoyed by a tight labour market in the United States and robust employment growth in Europe, outperformed previous forecasts by reaching USD125 billion in remittances for the year.

Despite the positive trajectory, the report underscores challenges and potential risks. The Middle East and North

Africa saw a decline in remittance flows for the second consecutive year, mainly driven by a sharp drop in flows to Egypt.

Remittance flows to Europe and Central Asia also decreased by 1.4 per cent after a significant gain in 2022.

India retained its position as the largest recipient of remittances, with an estimated USD125 billion in 2023.

This underscores the crucial role played by the Indian diaspora in supporting families and contributing to the country’s economic resilience.

The top five remittance recipient countries include Mexico (USD 67 billion), China (USD 50 billion), the Philippines (USD 40 billion), and Egypt (USD 24 billion).

The report raises awareness about the potential impact of global economic conditions on remittance flows.

The expectation of weaker economic activity in several high-income countries and the prospect of weaker job markets may soften the growth of remittances to LMICs, projecting a 3.1 per cent increase in 2024.

The need for caution is emphasized, considering volatile oil prices, currency exchange rates, and the possibility of a deeper-than-expected economic downturn in high-income countries.

The World Bank’s Remittances Prices Worldwide Database reveals that remittance costs remain persistently high, averaging 6.2 per cent to send USD 200 as of the second quarter of 2023.

The report highlights that banks continue to be the costliest channel for sending remittances, with an average cost of 12.1 per cent.

A special section of the report emphasizes the potential of leveraging remittances for development finance, particularly through diaspora bonds.

Diaspora bonds can be structured to tap into diaspora savings held in foreign destinations, providing a stable source of funds.

The report suggests that remittances have surpassed the sum of foreign direct investment and official development assistance in recent years, presenting opportunities for private capital mobilization.

India’s prominence in the global remittance landscape is a testament to the significant role played by the Indian diaspora in supporting the country’s economy.

While challenges and risks persist, the report emphasizes the need for inclusive labour markets and social protection policies to sustain remittance flows, which serve as vital lifelines for developing countries like India. (ANI)

ISRO completes launch rehearsal, vehicle internal checks ahead of launch of Aditya-L1 mission
J&K Govt tightens noose on illegal mining, initiates stern action to curb the menace
“Those who spread terrorism won’t be spared:” J&K senior official after police attach properties under UAPA
NHM J&K warns against fake job notifications on social media
IT Deptt fixes rates for online services; overcharging to be dealt strictly

Sign Up For Daily Newsletter

Be keep up! Get the latest breaking news delivered straight to your inbox.
By signing up, you agree to our Terms of Use and acknowledge the data practices in our Privacy Policy. You may unsubscribe at any time.
Share This Article
Facebook Whatsapp Whatsapp Copy Link Print
Previous Article Rajya Sabha adjourned till 2pm, Chairman Dhankhar warns MPs for disrupting proceedings
Next Article Youth missing since November found dead in Pulwama, Police start investigation
Leave a Comment Leave a Comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Stay Connected

1MFollowersLike
262kFollowersFollow
InstagramFollow
234kSubscribersSubscribe
Google NewsFollow

Latest News

Tourism comes to grind halt in Sonamarg after Pahalgam terror attack
Kashmir
May 29, 2025
SKUAST-K to establish advanced reproductive biotechnology centre to enhance animal breeding
Kashmir
May 29, 2025
DC calls for intensified action against drug abuse at NCORD review in Gbl
Kashmir
May 29, 2025
Shikara operators continue to ignore mandatory safety protocols
City
May 29, 2025

Recent Posts

  • Tourism comes to grind halt in Sonamarg after Pahalgam terror attack
  • SKUAST-K to establish advanced reproductive biotechnology centre to enhance animal breeding
  • DC calls for intensified action against drug abuse at NCORD review in Gbl
  • Shikara operators continue to ignore mandatory safety protocols
  • IUST partners with government for building safer J&K

Recent Comments

  1. BASHIR AHMAD BHAT on Poor hotel accommodation, lack of medical facilities irk Kashmiri pilgrims in Saudi Arabia, video goes viral
  2. sree vishnu movies on Pahalgam attack shatters Kashmir’s film tourism revival
  3. SavePlus on AI and Behavioural Analytics in Gaming: Making the World of Gaming Better
  4. Parul on Govt acknowledges faulty streetlights on Narbal-Tangmarg road
  5. dr gora on Women Veterinarians and the Goal of Viksit Bharat

Contact Us

Flat No 7,Press Enclave, Srinagar, 190001
0194 2477887
9971795706
[email protected]
[email protected]

Quick Link

  • E-Paper
  • About Us
  • Contact Us

Top Categories

Stay Connected

1.06MLike
262.5kFollow
InstagramFollow
234.3kSubscribe
WhatsAppFollow
Rising KashmirRising Kashmir
Follow US
© 2025. All Rights Reserved.
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?