Remittances from advanced economies rise: RBI bulletin

The share of inward remittances from advanced economies, including the US and the UK, has risen, surpassing that of Gulf economies in 2023-24, reflecting a shift in the migration pattern towards skilled Indian diaspora, said the RBI's March bulletin released on Wednesday.

- PTI

India's remittances have more than doubled from $55.6 billion in 2010-11 to $118.7 billion in 2023-24. While financing around half of India's merchandise trade deficit, net remittance receipts have been an important absorber of external shocks during this period.

An article, Changing Dynamics of India's Remittances - Insights from the Sixth Round of India's Remittances Survey, published in the Bulletin captures various dimensions of inward remittances to India—country-wise source of remittances, state-wise destination of remittances, transaction-wise size of remittances, prevalent modes of transmission.