Why people are one of India's biggest exports

In June, the World of Statistics tweeted that “India leads the world as the top remittance recipient country and is the only country in human history to ever exceed $100 billion in annual remittances”.

New migrant remittance data from the World Bank shows that in 2025, India was a net recipient of US$138.6 billion in remittances from migrants living in other countries, up from US$57.1 billion in 2016:

India’s nominal GDP was $3.96 trillion in 2025, so remittances were about 3.5% of India’s GDP.

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About the author

Leith van Onselen is Chief Economist at the MB Fund and MB Super. He is also a co-founder of MacroBusiness. Leith has previously worked at the Australian Treasury, Victorian Treasury and Goldman Sachs.

Why people are one of India’s biggest exports