India Tops Global Remittance with $125 Billion in 2023

In 2023, India achieved the highest record of remittance inflows globally, amassing USD 125 billion. This surge was driven by strategic economic deals and robust job markets in countries like the US, UK, and Singapore. A significant agreement with the UAE facilitated trade using local currencies, enhancing remittance flows. The World Bank reported that remittances to India increased, raising South Asia’s share from 63% in 2022 to 66% in 2023. Despite a slowdown in growth rate from 24.4% to 12.4%, declining inflation and job opportunities in high-income countries contributed to this rise. The India-UAE Comprehensive Economic Partnership Agreement (CEPA) aims to double bilateral trade to $100 billion in five years, focusing on key sectors and reducing tariffs.

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