With Indian migrants in the Gulf accounting for about half of the total NRIs in the world, a recent Reserve Bank of India data revealed that the growth rate of remittances has been on a rapid rise.

In 2024, India had topped the list of recipient countries for remittances. Records show that overseas Indians had sent home $129.4 billion last year. In the October-December quarter alone, a highest inflow of $36 billion was recorded.

Data from the World Bank has also confirmed the trend. Compared to 1.2% in 2023, the growth rate of remittances was 5.8% in 2024.

Other types of money flows such as Foreign Direct Investment (FDI) have not outpaced NRI remittances. In the past decade, FDI declined by 41% while remittances had increased by 57%.

India is way ahead, with $129.4 billion, in the list of recipient countries for remittances in 2024. Mexico is in second place with $68 billion, while China comes third with $48 billion. – editor@nrifocus.com