MUSCAT : According to the latest data from the Reserve Bank of India and World Bank, the final quarter of the year alone saw a historic inflow of $36 billion, the highest ever recorded in a single quarter. The 5.8% annual growth rate in remittances is a sharp rise compared to the 1.2% growth registered in 2023, highlighting a robust rebound in overseas job markets—especially in high-income OECD countries.

According to World Bank economists, China ranked third with $48 billion, followed by the Philippines ($40 billion) and Pakistan ($33 billion).

The Indian diaspora now numbers 18.5 million, up from 6.6 million in 1990, and makes up over 6% of the global migrant population. Notably, about half of these migrants reside in Gulf countries, which continue to be major sources of remittance flows.

The surge is largely driven by the post-pandemic recovery in OECD countries, particularly the United States, where employment among foreign-born workers is now 11% above pre-COVID levels.

Globally, remittances to low- and middle-income countries are projected to reach $685 billion in 2024, continuing to outpace foreign direct investment (FDI). Over the last decade, remittances have surged by 57%, while FDI has declined by 41%, underlining the rising role of migration-driven financial flows.

Experts say this upward trend is likely to continue due to growing migration pressures linked to demographic shifts, income disparities, and climate change.

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