Data from the Sixth Round of the Indian Remittances Survey for 2023–2024 has been used

Data from the Sixth Round of the Indian Remittances Survey for 2023–2024 was used.

Remittances are gifts that migrants give to their families, typically in the form of money or goods.

The report also pointed out that the number of foreign migrants in India has tripled, from 6.6 million in 1990 to 18.5 million in 2024.

Key Points

Status: India has consistently been the top recipient of remittances worldwide since 2008. (World Bank)

Remittances have more than doubled, from US$ 55.6 billion in 2010–11 to US$ 118.7 billion in 2023–24. Remittances from India have accounted for about 3% of GDP since 2000.

Source Countries: The proportion of advanced economies in India's inward remittances has grown and surpassed that of Gulf economies (like the United Arab Emirates) due to a shift in migration patterns toward skilled Indian diaspora.

The two largest contributors, the United States and the United Kingdom, nearly raised their remittance share to 40%.

State-by-State Distribution: The states that continue to benefit the most are Tamil Nadu, Kerala, and Maharashtra.

Reduced remittance costs: As a result of digitization, remittances are now less costly in India than they are worldwide.