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India becomes number 1 by defeating Mexico-China, 195 countries in the world shocked by World Bank report

Sagar Patel

By Sagar Patel

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Indians living abroad sent billions of dollars in 2023.

No matter where in the world the people of India live, they never forget their country and their family. Thanks to this Indian diaspora, the Indian economy also benefits a lot. The special thing is that Indians living abroad send so much money back to their country that even a small person can cover the annual expenses. As far as China is concerned, compared to India, Dragon makes less than half the money this way. If we talk about Pakistan, Pakistanis living abroad do not pay even a quarter of the money as Indians. Let’s try to understand the World Bank report, seeing that 195 countries in the world, including China and Pakistan, have been shaken.

So much money from foreigners in 2023

In the World Bank report released on Wednesday, it is said that Indians living abroad have sent more than 120 billion dollars i.e. more than 10 lakh crores to India in the last one year i.e. , 2023. Which is equivalent to approximately a quarter of India’s budget. This means that Indians have sent around two crore rupees to India in the last minute. On the other hand, Mexico has received 66 billion dollars during the same period. Which is almost half compared to India.

China and Pakistan are not ahead of India

On the other hand, this kind of money reaching Pakistan and China is much less compared to India. The amount of remittances sent from abroad to China amounts to 50 billion dollars. Which is less than half compared to India. On the other hand, the Philippines received $39 billion in remittances, which represents a third of what India received. The special thing is that although Pakistan is included among the top five countries receiving the most remittances, its remittance amount of 27 billion dollars is not even a quarter compared to India.

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India wins 705 percent

Official remittances to low- and middle-income countries (LMICs) remained low in 2023, reaching $656 billion, after strong growth during 2021-2022, according to a World Bank report. In the case of India, a 7.5 percent growth in remittances has been seen in 2023. It was 120 billion dollars. This explains the benefits of declining inflation and strong labor markets in the United States. The United States is the largest destination for skilled immigrants from India. Apart from this, the demand for skilled and semi-skilled workers in the Gulf countries (GCC) also had a positive impact on remittances.

Pakistan suffered a 12 percent loss

In case of Pakistan too, overseas demand was good and remittances could have been good due to this but due to weak domestic situation due to balance of payments crisis and economic difficulties, they decreased by 12 percent. cent to 27 billion dollars in 2023. While in 2022 it had received 30 billion dollars. According to the World Bank, the UAE is second only to the United States in terms of the source of remittances sent by migrants to India. 18 percent of the total remittances were received there.

Sagar Patel

Sagar Patel

I am Sagar Patel, specializing in business news reporting. With a keen focus on economic trends, market analysis, and corporate developments,

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