Remittances from West outstrip Gulf inflow: RBI
Share of inward remittances from advanced economies, including the US and the UK, has risen, surpassing that of Gulf economies in 2023-24, reflecting a shift in migration pattern towards skilled Indian diaspora, said the RBI Bulletin released on Wednesday.
India’s remittances have more than doubled from USD 55.6 billion in 2010-11 to USD 118.7 billion in 2023-24. While financing around half of India’s merchandise trade deficit, net remittance receipts have been an important absorber of external shocks during this period.
It also noted that India’s stock of international migrants has tripled from 6.6 million in 1990 to 18.5 million in 2024, with its share in global migrants rising from 4.3 per cent to over 6 per cent during the same period.
Indian migrants in the Gulf account for around half of the total Indian migrants in the world.
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