Indians abroad sent home a record $135 billion last year
India has been the biggest recipient of inward remittances since 2001. According to the World Bank, India was at the top of the list with $118 billion in 2023-24, followed by Mexico with inflows of $68 billion; China was third with $48 billion.'India's remittance receipts have generally remained higher than India's gross inward foreign direct investment (FDI) flows, thus establishing their importance as a stable source of external financing,' noted a report by the RBI. In fiscal year 2023-24, the main source of remittances was from the United States at 27.7 per cent, followed by the UAE (19.2 per cent), UK (10.8 per cent), Saudi Arabia (6.7 per cent) and Singapore (6.6 per cent).In fiscal year 2023-24, Maharashtra received the largest share of these remittances at 20.5 per cent, lower than in 2020-21 (35.2 per cent). Kerala followed closely with its share increasing to 19.7 per cent from about 10 per cent in the same period, followed by Tamil Nadu (10.4 per cent), Telangana (8.1 per cent) and Karnataka (7.7 per cent).advertisementOn average, 26.5 per cent of remittances were in cash form, while 73.5 per cent were digital transactions. Saudi Arabia is the country from which 92.7 per cent of remittances come in digital form, followed by Australia (89.5 per cent), while Italy's share in remittances was higher in cash (65 per cent), followed by Canada (60 per cent).- EndsTune InTrending Reel
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