U.S., U.K. Replace Gulf Nations as Top Source of Remittances into India: RBI Bulletin
The Reserve Bank of India (RBI) has highlighted a significant shift in the source of inward remittances to India, with developed nations like the United States and the United Kingdom surpassing Gulf countries as the top contributors. According to the RBI’s paper, “Changing Dynamics of India’s Remittances – Insights from the Sixth Round of India’s Remittances Survey,” published in its March bulletin, remittances from the U.S. and U.K. nearly doubled, accounting for 40% of total inflows in FY24, compared to 26% in FY17. This increase is attributed to the growing presence of Indian professionals and students in these countries, while contributions from traditional sources like the UAE and Saudi Arabia have declined.
| Summary/Static | Details |
| Why in the news? | U.S., U.K. Replace Gulf Nations as Top Source of Remittances into India: RBI Bulletin |
| Top Remittance Sources (FY24) | U.S. (28%), U.K. (10.8%), Singapore (6.6%), Australia (2.3%) |
| Declining Sources | UAE (from 27% in FY17 to 19.2% in FY24), Saudi Arabia (from 11.6% to 6.7%) |
| Main Reasons for Change | More Indian workers in the U.S. & U.K., rise in Indian students in developed nations |
| Top Recipient States | Maharashtra, Kerala, Tamil Nadu |
| Transaction Size Trends | 28.6% of remittances above ₹5 lakh, 40.6% at ₹16,500 or less |
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