Many articles have been published about this news where it is written that India will have received 135 – 140 billion dollars in remittances in 2024, India has become the first country to achieve this figure and this is what the United Nations has said, if I say then the UN has officially announced in the world that India has become the first country to reach this figure amount.  Why has this topic suddenly come in the news, we will discuss in depth, is it a good thing, should we be happy here or is it also a matter of concern here.

India is a King of Receiving Highest Remittances in the world:

In today’s time, which is going on to talk about remittance, all of you must have known by now that remittance is the money that the worker of India, who earns money by going to UAE or any other foreign country and then sends that money back to his house, it is called remittance. There was 111 billion dollars remittance in 2022.  This is not received by the Government of India. The workers of India can be different types of workers, some are laborers, some are working in agriculture, some are data scientists, some are in the field of IT, All the people who come out of India and earn money and send money to India, they have become your remittances no that suddenly why are they talking about 2022 while we also know the data of 2023 because if the World Bank has already announced that India had earned $ 125 billion in 2023, if you look at the list of countries then India was number one Mexico was at number two and China was at number three, I have to add one thing here. We should not be too happy to remove China from this list because China has an achievement that the average salary has increased so much over the years in their country that the citizens here do not need so much that they must go out of China to work in other countries. they earn so much money according to their skills in their country. Many skilled workers in India must go out of the country to earn this and we can celebrate this thing that 125 billion dollars have come back to the country, but at the same time, we also have to see that these people have also gone out of the country because they were not getting such high paying salaries in the country and in the World Bank.

So now we have also made a prediction that the evidence of India in 2024 This will reach 135 billion dollars, there is also a big reason behind this, first of all, as I told you, there are so many high paying jobs in India, otherwise many Indians have to go to work in that or UAE or Saudi Arabia. Think for yourself, if you have 1 lakh dollars in it, if the rupee is getting strong, then you will keep your 1 lakh dollars with you once, you will wait when the value of rupee falls, when the rupee starts falling, only then you would like to convert your dollars into rupees and send them back to India because this will give you more rupees in India. Due to the fall in the value of the company, we are seeing that remittances are coming to India with record breaking numbers continuously. And if you are wondering why suddenly they are doing all these things, see there is a very important department inside the UN, the International Organization for Migration, its headquarters, you will find that in Geneva, the migration that takes place all over the world, of workers or even for more purposes, these people publish reports about it, which is very famous,  there is report which is published in 2024 about India that  In the case of remittances, India is the king depends that you are happy about this or you will think that I wish there were so many jobs in our country, the Indians who are working in the US are mostly that work, the better pick of the IT field is the job and therefore the US is the top remittance source, for India there used to be UAE at one time, today, there is America, we have many Trade deals have been done with the countries, those countries have made place for Indian workers. For example, if we see Israel, many Indian workers will go to Israel too, there will be a lot of remittances from there too, you will see this in the reports of 2024 – 2025, but once you can say that if India’s foreign policy was not so good, then Indian workers would not get easy access in so many countries. Overall, you can also say that when you are working in your own country, you are not bringing foreign currency to country, our workers are bringing foreign currency to the country when they work outside. As India continues to evolve and navigate the complexities of the global economy, remittances will remain a vital lifeline, fuelling progress, prosperity, and opportunity for generations to come. So, I think it is good news for Indians as getting a high remittance from all over the world.

List of countries by Most Remittance:

The list of 10 countries that receive the most remittances according to Un reports
 Let’s understand in an easy way by this given Table.

What is remittance, definition of remittances with example?

Remittance is the money that the worker of Indians earns money by going to foreign country or abroad and then earns and sends that money back to his house, it is called remittance. this is not received by the Government of India. This amount of money received worker’s house. The workers of India can be different types of workers, some are laborer, some are working in agriculture, some are data scientists, some are in the field of IT, All the people who come out of India and earn money and send money to India, this process of earning is called the remittances.

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