World Bank Remittance Flows Report 2024 Release
In News
What Happened
Why It Matters
Background
History & Context
What Changed
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Total Inflow Volume: BEFORE India recorded approximately $125 billion in inward remittances in 2023. NOW the inflows are estimated to hit a record $129 billion in 2024, reflecting a 3.2% year-on-year growth.
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Primary Source Geography: BEFORE the Gulf Cooperation Council (GCC) countries traditionally dominated as the largest source of Indian remittances. NOW advanced economies have overtaken them, with the United States alone accounting for nearly 28% of total inflows.
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Dominance over FDI: BEFORE Foreign Direct Investment (FDI) was a highly competitive or dominant source of external financing. NOW remittances vastly outpace FDI globally; the World Bank notes that over the past decade, remittances grew by 57% while FDI fell by 41%.
Prelims Angle
NCERT Connection
Practice Questions
Q1
With Reference ToWith reference to the World Bank's 2024 data on global remittance flows, consider the following statements: 1. India is the world's top remittance recipient, followed immediately by China and then Mexico. 2. Over the past decade, global remittance flows to low- and middle-income countries have significantly outpaced Foreign Direct Investment (FDI). Which of the statements given above is/are correct?