World Bank: India received $120bn foreign money in 2023, an increase by 7.5%

India attracted a record $120 billion from abroad in 2023, close to double the $66 billion received by Mexico during the same period, a World Bank report released on Wednesday said. In that period, China was given 50 dollars, the Philippines $39, and Pakistan $27 billion. The money, which was coming from abroad for low, and middle-income-based countries after showing rapid growth in the world in the period 2021-22, has become 656 billion dollars in the year 2023.

As per the report, the flow of foreign money to India was increasing at a rate of 7.5 percent. It was in this period that a decrease in inflation and strong demand fell into the American labor market for skilled and less skilled workers from mainland America, India, and other countries alike. The similar conditions of the demand abroad could have also helped Pakistan, but due to internal turmoil and economic difficulties, the inflow of money from abroad decreased by 12 percent. In 2022, Pakistan was sent $ 30 billion, which has been decreased by 3 billion for this once.

Recently, in February 2023, India scored a favorable agreement concerning the conditions between the bilateral partners with the United Arab Emirates, from which 18% of the amount has been received by India this time, according to the World Bank. UAE is the second after America in this concern. After this, even from Saudi Arabia, Kuwait, Oman, and Qatar, India received 11 percent of the money. An estimate is made by the World Bank that, in 2024, the money that India will receive from abroad can be 124 billion dollars, 3.7 percent in number. In 2025, it will increase by 4 percent to reach 129 billion.