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.