A record $120 billion has been sent to India from abroad in 2023, which is 7.5 percent more than last year. This information was given in a report released by the World Bank on Wednesday.
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In the year 2023, India received a record $ 120 billion from abroad, which is almost double the $ 66 billion received by Mexico during the same period. The World Bank has given this information in its report released on Wednesday. During the same period, China received $ 50, Philippines $ 39 and Pakistan $ 27 billion. After registering rapid growth in the world during the period 2021-22, the money coming from abroad to low and middle income countries reached $ 656 billion in the year 2023.
The report said, the money coming from abroad to India increased at the rate of 7.5 percent. During this period, the benefits of reduction in inflation and strong demand for skilled and less skilled workers in the labor market of America, the largest center of skilled workers in India, and other countries were clearly visible. The same conditions of demand abroad could have helped Pakistan as well, but due to internal turmoil and economic difficulties, the inflow of money from abroad decreased by 12 percent. In 2022, Pakistan received 30 billion dollars, in which a decline of 3 billion was recorded this time.
According to the World Bank, India benefited from the agreement signed with the United Arab Emirates in February 2023, from which it received 18 percent of the amount this time. UAE is second after America in this matter. After this come Saudi Arabia, Kuwait, Oman and Qatar from where India received 11 percent of the money. The World Bank has estimated that in 2024, the money India receives from abroad can be $ 124 billion with a growth of 3.7 percent. At the same time, in 2025 it will increase by 4 percent to reach $ 129 billion.