The rise was due to wage hikes and strong labour market in the US and other advanced countries.
The total amount of money being sent home by migrants has increased by 5% between 2022 and 2023.
The money is a vital source of household income in low- and medium-income countries , according to the World Bank.
Increased health and social indicators are linked to remittances, such as higher birth weight and higher school enrollment.
Mexico, China, Egypt, and the Philippines are other top recipients for remittances.
In recent years, many Indians moved to higher-paying jobs in countries with high incomes, like the US, UK, or Singapore. This has allowed them to send home more money.
India’s Gross Domestic Product (GDP) is about 3%. This is an indicator of the country’s economic strength.
India and Nepal experienced an increase of remittances while other South Asian countries saw a decrease of more than 10% in recent years due to the cessation of government incentives during the pandemic.
Overall, remittances from low- and medium-income countries to remittances have increased by 5% to $626bn in 2022 (PS510bn), a rate that is approximately half of the rate of growth in 2021.
The slow economic growth and rising prices in the world are expected to make next year more difficult.