Remittances to India
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Remittances to India are
As per the
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Overview
Under the
Since 1991, India has experienced sharp remittance growth. In 1991 Indian remittances were valued at US$2.1 billion;[5][9] in 2006, they were estimated at between $22 billion[10] and $25.7 billion.[4] which grew to $67.6 billion in 2012–13, up from $66.1 billion the fiscal year, 2011–2012,[6] when the remittance exceed the foreign direct investment (FDI) inflow of $46.84 billion into India.[11]
Money is sent to India either electronically (for example, by
In recent years many Indian Immigrants have used online money transfer services to send money from overseas to India. In recent years, many new Online and mobile companies have facilitated the transition to online remittances. Even some Indian banks have recently offered such services.[14]
A 2012 study, by Reserve Bank of India revealed 30.8% of total foreign remittances was from West Asia, compared to 29.4% from North America and 19.5% from Europe.[11]
However, owing to the onslaught of COVID-19, the World Bank has estimated a 9% decline in the remittances to India.[15]
Remittances to India by fiscal year
The following table illustrates the remittances to India as percent of GDP, 1990–1991 to 2005–2010.[16][17][18]
Year | Remittances | Percent GDP |
---|---|---|
1990–1991 | US$2.10 bn | 0.70% |
1995–1996 | US$8.50 bn | 3.22% |
1999–2000 | US$12.07 bn | 2.72% |
2000–2001 | US$12.85 bn | 2.84% |
2001–2002 | US$15.40 bn | 3.29% |
2002–2003 | US$16.39 bn | 3.39% |
2003–2004 | US$21.61 bn | 3.69% |
2004–2005 | US$20.25 bn | 3.03% |
2005–2006 | US$24.55 bn | 3.08% |
2006–2007 | US$29.10 bn | 2.39% |
2007–2008 | US$37.20 bn | 2.77% |
2008–2009 | US$51.60 bn | 3.84% |
2009–2010 | US$55.06 bn | 3.28% |
2011–2012 | US$66.10 bn | 3.61% |
2012–2013 | US$67.60 bn | 3.64% |
2013–2014 | US$70.39 bn | 3.45% |
2014–2015 | US$66.30 bn | 3.15% |
2015–2016 | US$62.70 bn | 2.73% |
2016–2017 | US$65.30 bn | 2.46% |
2017–2018 | US$80.00 bn | 2.95% |
2018–2019 | US$79.00 bn | 2.78% |
2019–2020 | US$83.30 bn | 3.12% |
2020–2021 | US$87.00 bn | 2.75% |
2021-2022 | US$89.00 bn | 3.00% |
2022-2023 | US$110 bn | 3.30% |
2023-2024 | US$125 bn | 3.40% |
Remittances to and from India by country
According to the RBI Governor Shaktikanta Das total of US$107.5 billion (2022–23) was made in remittances to India from other countries. Whereas total of US$7.01 billion (2020) was made in remittances to other countries from India. The following tables list the top ten source countries for remittances to India and the top ten destination countries for remittances from India in 2017.[3] Somewhat different figures have been estimated by the Reserve Bank of India.[19]
Remittances to IndiaAccording to the Pew Research Center, the top ten source countries for remittance to India in 2017 are as follows.[3] (Figures for remittances between India and Pakistan are not available)
Remittances from IndiaAccording to the Pew Research Center. the top ten destination countries for remittance from India in 2017 are as follows.[3] (Figures for remittances between India and Pakistan are not available.)
See also
References
External links |