Archive · 1 Jul 2025
Indian Remittances Reach Record High of $135 Billion
Indians working abroad sent home a lot of money in 2024, a record amount.
This money, called remittances, totaled $135.46 billion and helps India's economy.
India receives the most remittances globally.
This increase is due to more job opportunities.
Also, the proposed 'One Big Beautiful Bill' aims to reduce the tax on remittances from 5% to 1%.
Indian remittances reached a record $135.46 billion in FY25, a 14% increase.
Remittances accounted for over 10% of India's $1 trillion gross current account flows.
India is the top recipient of remittances globally, far exceeding Mexico.
The growth rate of remittances in 2024 is estimated at 5.8%, up from 1.2% in 2023.
The 'One Big Beautiful Bill' proposes a reduced 1% tax on remittances.
- Who
- Indians working overseas and Non-Resident Indians (NRIs)
- What
- Indian workers abroad sent a record $135.46 billion in remittances in FY25.
- When
- FY25 (Financial Year 2024-2025)
- Where
- India
- Why
- Driven by recovering job markets in high-income countries, particularly the US.
Initial Proposals
Current Legislation
Tax Rate
Initial Proposals
Original Tax Proposal
Current Legislation
Updated Tax Proposal
- Total Remittances FY25
- $135.46 billion
- Remittances Growth
- 14%
- Remittance Tax (proposed)
- 1%
- India's Remittance Rank
- 1st
- Remittance Growth 2024
- 5.8%
