United Nations, May 6 : India is the worldâ??s top receiver of remittances from workers overseas, getting $137.7 billion in 2024, up from $83.2billion in 2020, according to the International Organisation for Migration (IOM).

Overall, the IOMâ??s International Migration Report for 2026 released here on Tuesday, said the US is the top source of remittances to all countries, sending out $103.2 billion, followed by Saudi Arabia, a distant second, with $46.6 billion.

The report said that South Asia was expected to have the highest growth in remittances, at 11.8 per cent in 2024.

The worldâ??s fifth-largest â??migration corridorâ?? -- or the direction of migration -- is from India to the United Arab Emirates (UAE) and is made up mainly of migrant workers, it said.

It said that there were more than 3 million Indians there -- the top nationality in the UAE. (A previous report gave a more precise number, 3.47 million in 2020.)

The India to US migration came next, with about 3.2 million Indian migrants living there in 2024, making up the second largest foreign-born group after Mexicans.

â??The number of international migrants from India has increased continuously and significantly over the last several decades, with many arriving in the United States as highly skilled workers or international studentsâ??, the IOM said.

In Oceania, the second largest migrant route was from India to Australia, with about 876,000 Indians there.

On the contribution of migrants to their home countries, it said, â??By acquiring knowledge about advanced technology, capital and professional contacts, they drive direct investment, favour home country entities in outsourcing contracts and promote tourism, collectively strengthening bilateral economic linkages and developmentâ??.

â??The Indian diaspora has been instrumental in the expansion of Indiaâ??s technology sectorâ??, the report said.

On the political front, it said, â??The Indian diaspora in the United States, particularly through organisations like the United Statesâ??India Political Action Committee (USINPAC), has influenced United Statesâ??India relationsâ??.

â??Indian-Americans have played a role in strengthening bilateral trade agreements, defence cooperation and visa policies that benefit both countriesâ??, it added.

New Delhi has been reaching out to its migrants to involve them in their homeland, it said.

â??Indiaâ??s brain gain efforts include annual diaspora conventions and innovation hubs to entice Indian scientists and entrepreneurs back (or to mentor startups remotely)â??, it said.

The report spoke of the investment opportunities countries offer their migrants through vehicles like diaspora bonds that give higher rates of returns and reinforce their â??sentiments of patriotismâ??.

India raised over $10 billion through such bonds, it said.

While India does not have a specific disapora bond, New Delhi encourages non-resident Indians to invest in a variety of government, and public and private sector bonds.

"Countries with dedicated diaspora policies see significantly higher remittance inflows and diaspora investments than those withoutâ??, it added.

India ranked second for students abroad, with over 620,000, the report said.

â??When graduates return home", it said, â??they can spur innovation, improve industry practices and contribute to economic and social developmentâ??.

The report emphasised the need for overcoming â??mobility inequalitiesâ?? through â??geographic free-movement arrangements â?? for â??safe, orderly and regular migration globallyâ??.

Asked at the news conference to release the report about recent agreements India made with the European Union, Britain, Germany, New Zealand and the European Union that cover labour movement, IOM Spokesperson Zoe Brennan declined to comment.

/IANS