India’s Remittances

 Insights from RBI’s Sixth Round of India’s Remittances Survey (2023-24) show that the US, UK, Singapore, Canada, and Australia together accounted for more than half of remittances into India.

• About India’s Remittances: These are funds sent by migrants to their home countries, often to support families, and play a significant role in the global economy, particularly in developing nations.

o Global Leader: India has consistently received the highest remittances globally.

o Remittances have doubled from $55.6 billion (2010-11) to $118.7 billion (2023-24).

• Major Source Countries:

o United States: Largest contributor, accounting for 27.7% of total remittances.

o UAE: Second largest source, with its share rising from 18% (2020-21) to 19.2% (2023-24).

o Advanced Economies: Share from countries like the US and UK has increased, surpassing Gulf economies in 2023-24.

o US & UK Combined: Contributed nearly 40% of total remittances in FY24.

o GCC Countries: UAE, Saudi Arabia, Kuwait, Qatar, Oman, and Bahrain collectively contributed 38%.

• State-wise Inflows: Maharashtra (20.5%) Kerala, Tamil Nadu (10.4%), Telangana (8.1%) & Karnataka (7.7%)