Indian Diaspora Sends Home $107 Billion in Record Remittances

Indian Diaspora Sends Home $107 Billion in Record Remittances

According to The Economic Times, Indian expatriates sent a record $107 billion home in the fiscal year 2023–24. The latest surge has surpassed the previous $100 billion milestone for the second consecutive year. Portfolio investments and FDI, which totalled $54 billion during the same period, have almost doubled.

According to data on the balance of payments, gross remittances, or private transactions, from the Indian diaspora totalled $119 billion in FY24. Net private transfers were $107 billion after deducting other costs and overseas residents’ income repatriation.

Studies conducted domestically and internationally demonstrate the connection between remittances and employment situations in the countries of origin and migration levels. Most remittances are used to maintain the family, while some are set aside for investments like deposits. India was the top recipient of remittances worldwide in 2023, with the Philippines, China, Mexico, and Egypt following.

Based on the migration of IT experts to North America and Europe, India has led the world in remittance receipts for more than 20 years, according to the World Bank’s “Migration and Development Brief.”

Furthermore, the World Bank predicts that remittance growth in low- and middle-income countries will increase by 3.1% in 2024.