Remittances to India

Remittances to India are money transfers (called remittance) from non-resident Indians (NRIs) employed outside the country to family, friends or relatives residing in India. India is the world's top receiver of remittances, claiming more than 12% of the world's remittances in 2015.[1][2] Remittances to India stood at US$110 billion in 2022, US$125 billion in 2023 and remittances from India to other countries totalled US$5.710 billion, for a net inflow of US$63.258 billion in 2017.[3][4][5]

As per the Ministry of Overseas Indian Affairs (MOIA), remittance is received from the approximately 35 million members of the Indian diaspora.[6] Remittances to India have long been a cornerstone of the nation's economy, significantly contributing to household incomes, economic stability, and overall development. These financial transfers from non-resident Indians (NRIs) are vital not only for the families receiving them but also for the broader economic landscape of the country. As one of the largest recipients of remittances globally, India benefits immensely from the steady flow of funds sent by its vast diaspora.[7]

  1. ^ "International Migration at All-Time High". The World Bank. 18 December 2015. Retrieved 27 May 2016.
  2. ^ "Pakistan 4th largest source of remittances to India". The Business Standard. 24 December 2015. Retrieved 27 May 2016.
  3. ^ Cite error: The named reference Pew was invoked but never defined (see the help page).
  4. ^ "Remittances from Indians abroad push India to the top". www.nrirealtynews.com. 22 October 2007. Retrieved 14 March 2009.
  5. ^ Gupta, Poonam (1 December 2005). Macroeconomic Determinants of Remittances: Evidence from India. International Monetary Fund. ISBN 9781451862430. Retrieved 14 March 2009.
  6. ^ Cite error: The named reference eco14 was invoked but never defined (see the help page).
  7. ^ "Infographic: India Leads Global Inbound Remittances". Statista Daily Data. 7 May 2024. Retrieved 7 August 2024.