According to a World Bank report, Indians are set to receive $100bn in remittances this year – the first time a single country has reached that number. The increase was led by wage rises and strong labour markets in the US and other developed countries.
In total, the amount of money sent back home by migrants around the world has grown by 5% in 2022. The money is a crucial source of household income in low and middle-income countries, the World Bank says.
Remittances are associated with improved health and social indicators, for example increased birth weight and higher school enrolment figures. Other top recipient countries for remittances include Mexico, China, Egypt and the Philippines.