look news india
New Delhi: Indians living abroad have sent a lot of money home. According to data published by the World Bank, Indians living abroad have sent an amount of $ 120 billion in the financial year 2023-24, which is double the amount sent home by Americans living abroad. It is followed by China (third).
NRI remittances to India have increased by 7.5% during this financial year.
They have got this benefit due to low inflation and strong market level in America, however, citizens of all low-middle income countries living in America have sent a total of Rs 656 billion in dollars.
A World Bank report says that while Americans living abroad send the same amount of money home, Indians send twice as much to India.
The top-5 remittance countries also include India, the US, China, the Philippines and Pakistan. Mexicans paid $66 billion in the current fiscal year.
It is worth noting that earlier in the month of April, a survey published by the World Bank and IMF said that India's growth rate is the fastest in the world. The Asian Development Bank has increased India's GDP growth rate from 6.7 percent to 7 percent. In such a situation, the increase in MRI in dollar terms is good news for India.