look news india
Overseas Indians paid out an unprecedented $107 billion to their families in FY 2023-24.
Remittances crossed the $100 billion mark for the second consecutive year. Significantly, remittances are more than double the total $54 billion invested by foreign direct investment (FDI) and foreign portfolio investors (FPI) in India during the same period.
According to the data, if the money sent by Indians travelling is classified separately as private transfers, the figure reaches a total of $119 billion in FY 2023-24. The net private transfer figure after India's foreign resident income and other related expenditure reaches $107 billion.
According to a survey conducted by the Reserve Bank of India (RBI) on remittances after the Corona epidemic, the United States has topped the list with a 23 percent share in terms of remittances. While the amount sent from the Gulf countries has decreased during this period. Even in 2023, the US remained the leader in terms of remittances globally. During this period, India received remittances of $ 125 billion, Mexico $ 67 billion, China $ 50 billion, Philippines $ 40 billion, Egypt $ 24 billion. According to data from the World Bank's Migration and Development Brief in December, India is at the top globally in terms of remittances. This trend has been observed for the last two decades. This is attributed to the overseas migration of Indian IT professionals to North America and Europe since the 1990s. Experts believe that this trend will continue in the future as well.
