India tops the list of countries’ where the non-residents sent the most amount of money to their country of origin. NRIs living abroad sent Rs 10 lakh crore to India in 2023. This is the highest in the world as per the information released by the World Bank on Wednesday. Mexico stood second in terms of earning money abroad and sending it back to the country at 5 lakh crore rupees to their country.
China stood third with 4 lakh crores, Philippines fourth with 3 lakh crores and Pakistan fifth with 2.2 lakh crores. The list shows that migrants from low-income and middle-income countries have sent the most money to their country of origin.
Indian migrants went into heavy debt and insecurity during the Corona epidemic
The 2024 report of the International Organization for Migration (IOM) revealed that a large number of Indian migrants went into heavy debt and financial insecurity due to non-payment of salaries, reduced social security and loss of jobs during the Corona epidemic.
The report, citing experts, said that the migration pattern of workers within the country was badly affected due to the Corona epidemic. This changed the way of working in both rural and urban areas. The movement of daily wage laborers going to cities decreased by about 10%, leading to a shortage of workers in large companies.
Pakistani migrants sent 12% less money
In 2022 too, NRIs were ahead in sending money to their home country. Then Rs 9.28 lakh crore was sent to India. In the same year, Pakistanis sent Rs 2.5 lakh crore. After a year, it has decreased by 12%. According to the World Bank, after 2021, Indian migrants have sent the most money last year.
The World Bank has attributed the reason for Indians sending money to the increasing demand for workers in America. Apart from this, there is also an increasing demand for skilled and less skilled people in the Middle East countries. Indians go to the Middle East the most in search of work after Western countries.
UPI’s launch in the UAE skyrocketed the amount of money spent by Indians
According to the World Bank, most of the money has come to India from America followed by 18% of the total cash from UAE. The biggest increase in this came when UPI started being paid in UAE in February 2023. This made it easier for people to send money to India.
In the Middle East, apart from UAE, the maximum money came to India from Saudi Arabia, Kuwait, Oman and Qatar, which was about 11% of the rupees received in 2023. The World Bank has estimated that in 2024 it will grow by 3.7% to surpass 10.3 lakh crores. At the same time, in 2025 it will grow by 4% to 10.7 lakh.
Pakistani migrants sent 12% less money
Talking about India confrontational neighbour, in 2022, NRIs were ahead of Pakistan in sending money to their home country. Rs 9.28 lakh crore was recorded being sent to India. In the same year, Pakistanis sent Rs 2.5 lakh crore. After one year, in 2023, a 12% reduction has been calculated.
Gulf countries remain the main destination for migrant workers. Especially workers from India, Bangladesh, Egypt, Ethiopia, Kenya sees the most worker migrating to the Gulf country, where they work in manufacturing, hospitality, security and domestic work, among other sectors.
India sends the highest number of migrant workers to the whole world. Along with this, a large number of migrants live in countries like UAE, USA and Saudi Arabia. Along with this, Indians sent the most money home from abroad.
Here are top 10 countries with most money sent home from abroad:
|
Country |
2022 (Billion Dollars) |
Figures in Lakhs crores |
|
India |
111.22 |
9.28 |
|
Mexico |
61.1 |
5.1 |
|
China |
51.00 |
4.25 |
|
Phillipines |
38.05 |
3.17 |
|
France |
30.04 |
2.5 |
|
Pakistan |
29.87 |
2.49 |
|
Egypt |
28.33 |
2.36 |
|
Bangladesh |
21.5 |
1.79 |
|
Nigeria |
20.13 |
1.68 |