3 hrs ago
India’s Remittances Rise to USD 151 Billion Over Decade
People living abroad often send money to their families in India.
This money is called a remittance.
India received USD 151 billion last year, up from USD 63 billion in 2016.
That made India the world’s largest recipient of remittances.
Families can use the money for everyday needs and emergencies.
Digital systems such as Aadhaar and the Unified Payments Interface help people receive it.
Many remittances come from workers in Gulf countries.
IFAD said this can help families, but problems affecting jobs or travel in those countries could reduce the money sent home.
Private remittances to India rose from USD 63 billion in 2016 to USD 151 billion last year.
India remained the world’s largest recipient of remittances, according to IFAD.
Global remittances reached USD 728.6 billion last year, nearly double the 2016 figure.
Aadhaar and the Unified Payments Interface helped deliver remittances to recipients in India.
IFAD said remittances support basic needs and resilience but warned that dependence on Gulf labour markets creates exposure to disruptions.
- Who
- India’s diaspora, Indian recipient households, and the International Fund for Agricultural Development (IFAD).
- What
- Private remittances to India increased to USD 151 billion from USD 63 billion in 2016.
- Where
- The money was sent to households in India, with Gulf countries identified as an important source.
- When
- The reported total was for last year; the comparison is with 2016.
- Why
- Remittances help families meet essential needs, respond to crises, and build financial resilience.
Benefits of Remittances
Exposure and Risks
Household resilience
Benefits of Remittances
Remittances help families meet basic needs, manage crises and uncertainty, and build financial resilience.
Exposure and Risks
Families can be affected quickly if disruptions reduce workers’ ability to send money.
Gulf-country dependence
Benefits of Remittances
Strong demand for migrant labour in Gulf countries can sustain employment and remittance growth.
Exposure and Risks
India’s reliance on Gulf labour markets creates exposure to disruptions in recruitment, economic activity, or transport.
Digital connectivity
Benefits of Remittances
Aadhaar and the Unified Payments Interface make it easier for recipients to receive funds, while digital links enable migrants to share expertise remotely.
Exposure and Risks
The report said the wider development effects of diaspora contributions are difficult to measure, and access to affordable, trusted financial services remains important.
Key facts
- India’s remittances
- USD 151 billion last year
- 2016 remittances
- USD 63 billion
- Global remittances
- USD 728.6 billion last year
- Recipient ranking
- India was the world’s largest recipient
- Digital systems
- Aadhaar and the Unified Payments Interface helped deliver funds
- Major source region
- Gulf countries
- Broader contributions
- Diaspora engagement also includes expertise, research, mentoring, technology transfer, business networks, and philanthropy
Quotes
International Fund for Agricultural Development
United Nations agency reporting on remittance trends
“This concentration creates both opportunity and exposure. Strong demand for migrant labour can sustain employment and remittance growth, while disruptions to recruitment, economic activity or transport can quickly affect workers and their families”
thehansindia.com
“Their potential benefits are greatest when families have access to affordable and trusted financial services, together with the knowledge, freedom and appropriate options to use their resources according to their own needs and aspirations”
thehansindia.com
Sources
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