Overseas Indians send home record $129.4 billion in 2024; remittances cross $100 billion for 3rd consecutive year – The Times of India

For the third consecutive year, India acquired remittances exceeding $100 billion. (AI picture)

Indians residing overseas transferred a record $129.4 billion in 2024, with the December quarter alone accounting for $36 billion, in line with the Reserve Financial institution of India’s stability of funds knowledge evaluation.
For the third consecutive year, India acquired remittances exceeding $100 billion. India has maintained its place as one of the main recipients globally for greater than 25 years, following the IT sector growth in the Nineteen Nineties, and has constantly held the highest place since 2008, in line with an ET report.
The improve in companies exports and motion of expert professionals to developed nations in North America and Europe contributed to those transfers, complementing the normal inflows from Gulf Cooperation Council (GCC) nations.

Pattern in inward remittances

The circulation of remittances correlates with employment conditions in supply nations and migration tendencies in recipient nations. The quantity of Indian worldwide migrants has grown from 6.6 million in 1990 to 18.5 million in 2024, with their proportion in international migrants rising from 4.3 per cent to over 6 per cent in this timeframe. Roughly half of all Indian migrants worldwide are positioned in GCC nations.
An evaluation in the Reserve Financial institution of India’s month-to-month bulletin highlights that “The aggressive edge and the penetration of Indian IT companies abroad at the beginning of the century, the quantity of expert emigrants to superior economies, particularly to the US, has risen considerably. Thus, moreover the GCC, superior economies have additionally emerged as a serious supply of inward remittances to India over time”.
In 2024, Mexico secured the second place with inward transfers of $68 billion, while China ranked third with $48 billion in estimated inflows. India’s remittances demonstrated exceptional progress at 17.4 per cent, considerably exceeding the worldwide common progress projection of 5.8 per cent for the year.
The diaspora’s monetary contributions have elevated by 63% since 2020 when the pandemic started. “The restoration of the job markets in the excessive-earnings nations of the Group for Financial Co-operation and Growth (OECD), following the onset of the COVID-19 pandemic, has been the important thing driver of remittances,” in line with a World Financial institution weblog.
Regardless of inflationary pressures in supply areas together with North America and Europe, the upward development continues. “It is a reflection of dependents in India being extra reliant on relations,” noticed Madan Sabnavis, chief economist at Financial institution of Baroda. “Partly as a consequence of fall in home earnings in addition to inflation being excessive”.
The Reserve Financial institution of India, which considers personal transfers in the stability of funds as remittances, anticipates sustained progress. The central financial institution tasks these inflows to achieve roughly $160 billion by 2029.