India leads in remittances - but Trump's tax could deal a blow

India leads in remittances, but Trump's proposed 3.5% tax on funds sent abroad could impact billions wired by migrant workers, including those from India, Mexico, China, and the Philippines. Indian migrants sent $119bn home in 2023, a vital source of financing. However, this levy could lead to a rise in informal transactions and hinder a significant external revenue source. India's resilient remittance market is set to reach $160bn by 2029, despite concerns over global costs and currency conversions.