RBI Survey 2023-24: Shift in India's Remittance Trends
| Aspect | Details |
|---|---|
| Survey | Sixth round of India's Remittances Survey (2023-24) conducted by RBI. |
| Key Trend | Remittances from advanced economies surpass inflows from Gulf nations. |
| Top Source Country | United States (US) contributes 27.7% of total remittances. |
| Second Source Country | United Arab Emirates (UAE) accounts for 19.2% of remittances. |
| Other Major Contributors | UK, Singapore, Canada, Australia collectively contribute over 50%. |
| GCC Nations' Share | 37.9% in 2023-24, down from 46.7% in 2016-17. |
| UAE as Migrant Hub | Largest hub for Indian workers in construction, healthcare, tourism, etc. |
| US Migration | 78% of Indian migrants are highly skilled professionals. |
| Top Remittance Recipient State | Maharashtra (20.5% share), overtaking Kerala. |
| Kerala's Position | Second position with reduced share from 19% (2016-17) to 20.5% (2023-24). |
| Tamil Nadu's Share | Increased from 8% (2016-17) to 10.4% (2023-24). |
| Global Remittance Share | India's share rose from 11% (2001) to 14% (2024). |
| Projected Remittances | Expected to reach $160 billion by 2029. |
| Digital Transfers | 73.5% of remittances received through digital channels in 2023-24. |