India leads global remittance receipts in 2023, securing $125 billion, with the United States being the primary source. The World Bank’s migration and development brief reveals that India’s strategic savings programs have attracted over $143 billion in non-resident deposits by September 2023. The country’s diaspora bonds and foreign currency deposits have proven attractive, offering higher interest rates and tax exemptions. The brief emphasizes how remittances can enhance sovereign ratings and aid in debt repayment, presenting insights into mobilizing diaspora finances for development. This places India at the forefront of utilizing remittances for economic growth and stability.
India Tops Global Remittance Receipts in 2023, Attracts Non-Resident Deposits
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