Tue Dec 31 01:30:00 UTC 2024: ## India Receives Record-Breaking $129.1 Billion in Remittances in 2024
**NEW DELHI, December 31, 2024** – India shattered its previous record for remittance inflows in 2024, receiving an estimated $129.1 billion, according to a new World Bank blog post. This represents 14.3% of global remittances, the highest share for any country since the year 2000. The surge places India ahead of other major recipients like Mexico and China.
The World Bank data highlights the significant role remittances play in the Indian economy and for numerous low- and middle-income countries (LMICs) globally. While India’s total inflow is the highest, remittances constitute a larger percentage of GDP in other nations such as Nepal (over 25%), Tajikistan, and several others. In India, remittances comprised 3.3% of GDP in 2024.
Globally, remittances to LMICs reached a record high of $685 billion in 2024, surpassing foreign direct investment (FDI) and official development assistance (ODA) in recent years. The increase in remittances contrasts sharply with a 41% decline in FDI to LMICs over the past decade.
China, which once held a significant share of global remittances, saw its percentage drop to 5.3% in 2024, its lowest in two decades. This decline is attributed to the country’s rising economic prosperity and an aging population, impacting emigration rates.
The report underscores the crucial role remittances play as a vital source of income for millions of families worldwide, highlighting their increasing importance in the global financial landscape.
First Piper 