n the last financial year, a total of 120 billion dollars flowed to India as expatriate remittances. However, foreign remittances from India are net of $107 billion
According to the World Bank, non-resident Indians remitted $120 billion in the last financial year (2023-24). It is also noteworthy that the amount of foreign investment (including foreign direct investment and portfolio investment) that came to India last year was almost double the amount of 54 billion dollars.
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In the last financial year, a total of 120 billion dollars flowed to India as expatriate remittances. However, foreign remittances from India are net of $107 billion. Previously, most expatriate remittances came from Gulf countries including the UAE for about 18 per cent. But for the last financial year, the USA surpassed and acquired 23% of the total flow, but UAE still stands in second place followed by Saudi Arabia, Kuwait, Oman and Qatar, according to the Reserve Bank Of India.
As per the Global Remittances published by the World Bank, India is the country that receives the most remittances. India has been in the lead for years. In the 2023 calendar year, India earned $125 billion, followed by second-placed Mexico with $66.2 billion. China (49.5 billion), Philippines (39.1 billion), France (34.8 billion), Pakistan(26.6 billion), Egypt (24.2 billion), Bangladesh (23 billion), Nigeria (20.5 billion) and Germany (20.4 billion) are in the following positions.
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In getting expatriate money Kerala had 1st place but after the COVID pandemic, Maharashtra captured first place in terms of high money remittance. Currently, Maharashtra receives 35 per cent of the total expatriate remittances. The survey also stated that 10.2 per cent reached Kerala. Being a GCC-dominant, non-resident market, Kerala has not experienced any slowdown in the flow of remittance in the recent past. But now the US surmounted its remittance volume especially the UAE contributing more to India compared to previous financial years.
