Copyright infringement not intended

Context:

The Sixth Round of India’s Remittances Survey 2023-24 reveals a significant shift in the sources of remittances into India.

Who conducted this survey?

The RBI conducted the Sixth Round of the survey on inward remittances for 2023-24 and published the findings in its monthly bulletin of March 2025.

Highlights of the Survey

Advanced economies like the US, UK, Singapore, Canada, and Australia now account for more than half of India’s total remittances; this shows a decline in the dominance of Gulf Cooperation Council (GCC) countries as the primary contributors of remittances.

The GCC countries—comprising the UAE, Saudi Arabia, Kuwait, Qatar, Oman, and Bahrain—contributed 38% of India’s total remittances in 2023-24.

The United States emerged as the largest contributor to India’s remittances. Its share increased from 23.4% in 2021-22 to 27.7% in 2023-24.

The UAE ranks second, contributing 19.2% of India’s total remittances in 2023-24, slightly up from 18% in 2021-22.

The UK ranks third, with its share increasing to 10.8% from 6.8% in 2021-22.

Why is there a shift in dominance from GCC countries to advanced economies in India’s remittances?

• Advanced economies like the US, UK, and Canada host a growing number of highly skilled Indian professionals who earn higher incomes and send larger remittances.
• Economic diversification in GCC countries has reduced dependence on expatriate labor, impacting remittance flows.
• Geopolitical and economic challenges in the Gulf region have prompted Indian workers to explore opportunities in advanced economies.

Must Read Articles:

REMITTANCE INFLOW

Source:

BUSINESS-STANDARD

https://t.me/+hJqMV1O0se03Njk9