Changing Dynamics of India’s Remittances, as Highlighted by Reserve Bank of India

 Changing Dynamics of India’s Remittances, as Highlighted by Reserve Bank of India (RBI)

The data from the Sixth Round of India’s Remittances Survey for 2023-24 reveals key insights into the changing patterns of remittances.

Remittances refer to the money or goods that migrants send back home to support their families.

The report also underscores that India's stock of international migrants has tripled, rising from 6.6 million in 1990 to 18.5 million in 2024.

Key Highlights:

• Global Leader in Remittances: India has been the world's largest recipient of remittances since 2008 (according to the World Bank).
• Growth in Remittances: The total remittances to India have more than doubled, increasing from US$ 55.6 billion in 2010-11 to US$ 118.7 billion in 2023-24.
• Remittances as a Percentage of GDP: Since 2000, remittances have consistently accounted for about 3% of India’s GDP.
• Source Countries: The share of remittances from advanced economies has grown, now surpassing that from Gulf nations like the UAE. This shift reflects a change in migration patterns, with a greater focus on skilled Indian migrants.
• Remittances from the US and UK: Together, remittances from the United States (the largest contributor) and the United Kingdom now account for nearly 40% of total remittances.
• State-wise Distribution: Maharashtra, followed by Kerala and Tamil Nadu, remains the top recipient states for remittances.
• Cost of Remittances: The cost of sending remittances to India has decreased, now lower than the global average, primarily due to increased digitalization.

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