Explore Our Affordable Courses

Click Here

Remittances in India

August 14, 2023

GS Paper III Indian Economy

Context:

As per the Ministry of Finance, In the fiscal year 2022-23 (FY23), remittances to India witnessed a substantial growth of 26%, reaching a total of $112.5 billion. In FY22 the remittance was $89.1 billion.

About Remittance:

Remittances refer to the transfer of money by individuals who are living and working in another country (usually as migrants) back to their home country.
Remittances can be sent through various formal channels such as banks, money transfer companies, or online platforms, and they play a significant role in foreign exchange.

Remittances vs. FDI:

Amid a slowdown in foreign direct investment (FDI) inflows across international borders, remittances to India have surged.
Despite the launch of 14 production-linked incentive schemes, India’s FDI declined to $70.97 billion in FY23, down from $84.8 billion in FY22.

Top Source of Remittance for India::

The Reserve Bank of India’s survey for 2020-21 highlights the major sources of inward remittances to India:
- USA holds the top spot, contributing 23.4% of total remittances.
- UAE follows closely with an 18% share.
- UK, Singapore, and Saudi Arabia contribute 6.8%, 5.7%, and 5.1%, respectively.

News Source: The Financial Express

To get PDF version, Please click on "Print PDF" button.

Recent Post
Most Viewed Post

CAG’s Report on Urban Local Bodies (ULBs)

Rise in Agri exports raise sustainability concerns in India

BASIC Nations Seeks CBAM Discussion at COP 29

Centenary Celebrations of Iconic ‘Bose-Einstein’...

150th Birth Anniversary of Birsa Munda and PM-JANMAN package...

AFSPA back in Six violence-hit areas of Manipur

Social Stock Exchange

Data Point

Arsenic and Fluoride In Groundwater

WHO Launches ICD 11 – A Traditional Medicine Module 2:...

Prime- Minister’s Egypt State Visit

Drug Controller General of India

Recent Editorial

Should India continue to boycott cricket in Pakist...

Leverage similarity, complementarity in Nigeria

Saving doctors: On medical professionals, their sa...

On ‘bulldozer justice’ Supreme Court s...

Manipur’s Misery: On the need for the Centre...

The Perfect Cocktail of Layered Discrimination

Popular current affairs

CAG’s Report on Urban Local Bodies (ULBs)

Rise in Agri exports raise sustainability concerns...

BASIC Nations Seeks CBAM Discussion at COP 29

Centenary Celebrations of Iconic ‘Bose-Einst...

150th Birth Anniversary of Birsa Munda and PM-JANM...

AFSPA back in Six violence-hit areas of Manipur

Our Courses

Our Courses

Need help preparing for UPSC or State PSCs?

Connect with our experts to get free counselling & start preparing

THE MOST
LEARNING PLATFORM

Learn From India's Best Faculty

Subscribe our Newsletter

Sign up now for our exclusive newsletter and be the first to know about our latest Initiatives, Quality Content, and much more.

*Promise! We won't spam you.

Yes! I want to Subscribe.

Contact Details

THE MOST
LEARNING PLATFORM

Learn From India's Best Faculty

Follow Us:

Subscribe our Newsletter

Sign up now for our exclusive newsletter and be the first to know about our latest Initiatives, Quality Content, and much more.

*Promise! We won't spam you.

Yes! I want to Subscribe.

Contact Details

Download Our App