RBI’s Remittances Survey: Recently, inward remittances to India touched a record high of $118.7 billion in 2023–24, according to the RBI’s Sixth Remittances Survey released in March.
o This amount surpassed FDI inflows and covered over half of the country’s merchandise trade deficit.
o This reflects a change in migrant profile — from low-skilled workers in West Asia to high-skilled professionals and students in developed countries.
o Large-value transactions (over ₹5 lakh) made up 29% of the total value, indicating growing reliance on high-earning individuals abroad.
o Digital modes now handle 73.5% of remittances, with transaction costs falling to 4.9%, though uneven digital access persists across countries.
o States like Maharashtra, Kerala, and Tamil Nadu receive over half the remittances, while poorer states get less than 6%, due to unequal migration infrastructure.
o Lack of household-level data limits understanding of how remittances are used — for consumption or long-term financial goals.
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