Remittances to India
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Remittances to India are
As per the
History
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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.[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$7.01 billion (2020) was made in remittances to other countries from India. The following tables list the top ten source countries for remittances to India and the top ten destination countries for remittances from India in 2017.[3] Somewhat different figures have been estimated by the Reserve Bank of India.[19]
Remittances to India
According to the Pew Research Center, the top ten source countries for remittance to India in 2017 are as follows.[3] (Figures for remittances between India and Pakistan are not available)
Rank | Source country | Amount (US$) |
---|---|---|
1 | UAE |
13.826 billion |
2 | United States | 11.715 billion |
3 | Saudi Arabia | 11.239 billion |
4 | Kuwait | 4.587 billion |
5 | Qatar | 4.143 billion |
6 | United Kingdom | 3.941 billion |
7 | Oman | 3.250 billion |
8 | Nepal | 3.016 billion |
9 | Canada | 2.877 billion |
10 | Australia | 1.944 billion |
See also
- Remittance related
- Indian economy related
- Economy of India
- Business process outsourcing to India
- Foreign trade of India
- List of exports of India
- Largest trading partners of India
- Factors influencing remittances to India
- Others
References
- ^ "International Migration at All-Time High". The World Bank. 18 December 2015. Retrieved 27 May 2016.
- ^ "Pakistan 4th largest source of remittances to India". The Business Standard. 24 December 2015. Retrieved 27 May 2016.
- ^ a b c "Remittance flows by country 2017". Pew Research Center. Retrieved 7 April 2019.
- ^ a b "Remittances from Indians abroad push India to the top". www.nrirealtynews.com. 22 October 2007. Retrieved 14 March 2009.
- ^ ISBN 9781451862430. Retrieved 14 March 2009.
- ^ a b "Remittances from Indian diaspora on the rise". The Economic Times. 19 February 2014. Retrieved 23 February 2014.
- ^ "Accounts in India by Non Resident Indians".
- ^ "Facilities for Non Resident Indians (NRIs) and Persons of Indian Origin (PIOs)". Reserve Bank of India. Retrieved 23 February 2014.
- ^ Chishti, Muzaffar (February 2007). "The Rise in Remittances to India: A Closer Look". Migration Policy Institute. Retrieved 14 March 2009.
- ^ "Remittances to India touch $22 billion". The Financial Express. 26 October 2006. Retrieved 14 March 2009.
- ^ a b c "NRIs beat FDI, keep the money coming". Hindustan Times. 8 October 2012. Archived from the original on 13 March 2014. Retrieved 23 February 2014.
- )
- )
- ^ "Compare Money Transfer to India. Get Best USD to INR Exchange Rate". ExchangeRateIQ. Retrieved 22 July 2017.
- ^ "Remittances to India to drop by 9% in 2020: World Bank report". Live Mint. 30 November 2020. Retrieved 30 November 2020.
- ^ Chishti, Muzaffar (February 2007). "The Rise in Remittances to India: A Closer Look". Migration Information Source. Archived from the original on 4 December 2010. Retrieved 28 July 2011.
- ^ "Figure 4. Remittances to India, 1970 to 2008". Migration Information Source. Archived from the original on 4 December 2010. Retrieved 28 July 2011.
- ^ "India world's largest remittance recipient in 2015: World Bank". The Times of India. 14 April 2016. Retrieved 14 April 2016.
- ^ "Reserve Bank of India - RBI Bulletin". m.rbi.org.in. Retrieved 18 December 2020.