RECORD-BREAKING SUPPORT, INDIAN DIASPORA SENDS HOME $107 BILLION IN FY24

In the financial year 2023-24, Indians abroad sent a record $107 billion in remittances to India, underscoring the significant economic support provided by the diaspora

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In the financial year 2023-24, Indians residling abroad sent a record-breaking $107 billion in remittances to their families in India, surpassing the $100 billion mark for the second consecutive year, according to The Economic Times.

This figure almost doubles the combined total of $54 billion from foreign direct investments (FDI) and portfolio investments during the same period.

The balance of payments data reveals that remittances from the Indian diaspora, categorized as private transfers, reached a gross amount of $119 billion in FY24. After accounting for the repatriation of income by foreign residents and other related expenses, the net private transfers amounted to $107 billion.

Studies and research highlight a strong correlation between remittances and migration levels in different economies, as well as the employment conditions in the countries of origin. The cost associated with remitting funds is also a significant factor influencing the volume of overseas remittances.