The Reserve Bank of India (RBI) has emphasized how the dynamics of Indian remittances are changing
Data from the Sixth Round of the Indian Remittances Survey for 2023–2024 was used.
Remittances are gifts that migrants give to their families, typically in the form of money or goods.
The report also pointed out that the number of foreign migrants in India has tripled, from 6.6 million in 1990 to 18.5 million in 2024.
Key Points
Status: India has consistently been the top recipient of remittances worldwide since 2008. (World Bank)
Remittances have more than doubled, from US$ 55.6 billion in 2010–11 to US$ 118.7 billion in 2023–24. Remittances from India have accounted for about 3% of GDP since 2000.
Source Countries: The proportion of advanced economies in India's inward remittances has grown and surpassed that of Gulf economies (like the United Arab Emirates) due to a shift in migration patterns toward skilled Indian diaspora.
The two largest contributors, the United States and the United Kingdom, nearly raised their remittance share to 40%.
State-by-State Distribution: The states that continue to benefit the most are Tamil Nadu, Kerala, and Maharashtra.
Reduced remittance costs: As a result of digitization, remittances are now less costly in India than they are worldwide.
Modi says opposition 'shot itself in the foot' by demanding debate on Operation Sindoor
Delhi govt proposes bill to regulate private school fees
Artificial Intelligence Can’t Wait: Why Students Must Be Involved in Shaping the Curriculum That Shapes Their Future
Transport strike disrupts Bengaluru as unions demand 38 months’ unpaid wages and salary hike
US may require up to $15,000 bonds for visitor visas in new pilot aimed at curbing overstays
Modi says opposition 'shot itself in the foot' by demanding debate on Operation Sindoor
Ethanol row ignites: Govt defends E20 fuel, calls damage fears unfounded
India draws a red line: No compromise on Russian oil, sovereignty
Trump’s tariff threats cloud India’s edge over China, erase lead over Vietnam
Nitish Kumar introduces domicile policy for Bihar Government teacher recruitment
Modi says opposition 'shot itself in the foot' by demanding debate on Operation Sindoor
Delhi govt proposes bill to regulate private school fees
Artificial Intelligence Can’t Wait: Why Students Must Be Involved in Shaping the Curriculum That Shapes Their Future
Transport strike disrupts Bengaluru as unions demand 38 months’ unpaid wages and salary hike
US may require up to $15,000 bonds for visitor visas in new pilot aimed at curbing overstays
Modi says opposition 'shot itself in the foot' by demanding debate on Operation Sindoor
Ethanol row ignites: Govt defends E20 fuel, calls damage fears unfounded
India draws a red line: No compromise on Russian oil, sovereignty
Trump’s tariff threats cloud India’s edge over China, erase lead over Vietnam
Nitish Kumar introduces domicile policy for Bihar Government teacher recruitment
Copyright© educationpost.in 2024 All Rights Reserved.
Designed and Developed by @Pyndertech