6th Round of India’s Remittances Survey:
The Reserve Bank of India’s (RBI) 6th Round of India’s Remittances Survey (2023-24) highlights that Advanced economies (AEs), particularly the US and the United Kingdom (UK), have overtaken Gulf nations as the top contributors to remittances in India.
Key Findings :
- India’s total remittances have more than doubled, rising from USD 55.6 billion in 2010-11 to USD 118.7 billion in 2023-24.
- The US led remittances at 27.7% in 2023-24, followed by the United Arab Emirates (UAE) at 19.2%.
- AEs, including the UK, Singapore, Canada, and Australia, contributed over 50%.
- The U.K.’s share rose to 10.8% from 3.4% (2016-17), driven by increased Indian emigration and Australia emerged as a key source with 2.3%.
- The overall share of Gulf Cooperation Council (GCC) countries (UAE, Saudi Arabia, Kuwait, Qatar, Oman, Bahrain) stands at 38% (2023-24), down from around 47% (2016-17).
- State-wise Distribution of Remittances: Maharashtra (20.5%) remained the top recipient, followed by Kerala (19.7%).
- Other major states include Tamil Nadu (10.4%), Telangana (8.1%), and Karnataka (7.7%). Rising trends were seen in Punjab, and Haryana.
- Mode of Remittance Transfers: Rupee Drawing Arrangement (RDA) remains the dominant channel for inward remittances, followed by direct Vostro transfers and fintech platforms.
- Digital remittances are rising, accounting for 73.5% of total transactions in 2023-24.
