Mumbai: India has seen more than $ 100 billion in the third consecutive year 2024 in 2024. Indians living abroad sent a total of $ 129.40 billion in their country last year, which is the highest annual flow so far. In the December quarter alone, Indians sent $ 36 billion homes.
Sources in the Reserve Bank said that the increase in the flow was also due to the benefit of sending the dollar due to the weakening of the dollar.
Since 2008, India has been the largest recipient of money remittance in the world. In 2022, we received a dispatch of $ 107.50 billion and $ 110.30 billion in 2023.
India’s information technology professionals are providing extensive services abroad, especially in North America and Europe. The funds sent to their families by Indians working in these countries have increased.
The data received from the Reserve Bank of India shows that developed countries are now getting dominance of Gulf countries in terms of funds to be sent to India. According to recent data from the Reserve Bank of India, the US has moved to second place in terms of money remittance in the last seven years, while the United Arab Emirates (UAE) has moved to second place first.
The 2023-24 India Remanding Survey has revealed that more than 50 percent of the funds sent by Indians from abroad goes to developed countries such as the US, Britain and Singapore. It can be said that those who go to developed countries for Indian work and business send more money in their country than Indians who go to Gulf countries for work and business.
The share of funds received from the US increased from 22.90 percent in the financial year 2016-17 to 27.70 percent in the financial year 2023-24. The UAE stake which was 26.90 percent in 2016-17 will decrease to 19.20 percent in 2023-24.
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