India’s remittances
BY clocking over $111 billion in inward remittances in 2022, India has firmly established itself as the world’s largest recipient. This accomplishment not only underscores the crucial role of Indian migrant workers globally but also highlights the significance of remittances in sustaining economies. The International Organisation for Migration’s World Migration Report 2024 lists India, Mexico, China, the Philippines and France as the top remittance recipient countries. India’s steady ascent on this score reflects the enduring ties between the expatriates and their homeland.
While celebrating this achievement, it's imperative to recognise the challenges faced by migrants. The UN report highlights the risks of financial exploitation, excessive debt due to migration costs, xenophobia and workplace abuse that continue to plague migrant communities. In the Gulf Cooperation Council states, where a significant number of Indian migrants reside, violations of rights persist. The Covid-19 pandemic has exacerbated the vulnerabilities of migrant workers, especially low-skilled labourers and those in the informal sector. Loss of jobs, wage theft and a lack of social security have plunged many into deep insecurity and debt. The phenomenon of reverse internal migration signals a significant shift in labour dynamics, impacting industries reliant on migrant workers.
The report also reveals trends in international student mobility, with China and India emerging as key source countries. The changing landscape of migration necessitates concerted efforts to protect the rights and wellbeing of migrant people. Addressing issues such as labour exploitation and access to social protection, and ensuring safe and orderly migration pathways are imperative for sustainable development and inclusive growth