India First Country to Touch This Milestone in Foreign Remittances

2 Dec, 2022 11:04 IST|Sakshi Post

Indians working abroad are on track to send a record of money this year, boosting India's finances to retain its position as the world’s top recipient of remittances.

According to a World Bank report, the remittance flows to India will rise 12% to reach $100 billion.Indians living in countries such as the US,  UK and Singapore were sending more money home. 

Highly-skilled Indian migrants living in wealthy nations such as the US, UK, and Singapore were sending more money home, according to the report. Remittances, accounting for nearly 3 % of India’s gross domestic product, are also important for filling fiscal gaps. 

As per Reserve Bank of India data, the cash transfers to India from high-income countries climbed to more than 36% in 2020-2021, up from 26% in 2016-17. The share from Gulf countries, including Saudi Arabia and the United Arab Emirates (UAE) declined to 28% from 54 % in the same period. 

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