Team Blitz India
NEW DELHI: The World Bank’s latest Migration and Development Brief report highlights India’s significant position as the top remittance recipient, at $125 billion.
Remittances to LMICs grew by an estimated 3.8 per cent in 2023, reaching a total of $669 billion. Resilient labour markets in advanced economies and Gulf Corporation 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.
