Monitoring Desk
ISLAMABAD/DELHI
Indians settled abroad are all set to send record $100 billion in remittances home by the end of this year, which is the highest transmittals any country will receive for the first time.
The increase in remittances is mostly led by a rise in global wages and robust labour markets in the US, Europe, and other developed countries, where most Indians work and reside.
Record $100 Billion in 2022
The remittance amount sent back by migrant Indians has grown by 5 per cent in 2022, which amounts to around 3 per cent of India’s gross domestic product (GDP), which is the total size of a country’s economy.
Remittances are the main source of household income in developed and low-income countries, including India, Pakistan, Nepal, Mexico, China, Egypt and the Philippines.
According to the BBC, as India and Nepal saw an uptick in remittances, other countries in South Asia, including Pakistan, have seen a steep decline of over 10 per cent in the last one year.
