Archive · 29 May 2025
India's Record Remittances Driven by Digital Growth and Shifting Sources
India received a lot of money from people living abroad in 2023-24, more than ever before.
This money helped pay for the goods India bought from other countries.
The U.S. is now the biggest source of this money, with digital transfers becoming the most common way to send money.
Sending money is cheaper now because of these digital methods.
However, some states get much more of this money than others, showing some parts of India have better access to opportunities than others.
India's inward remittances reached a record $118.7 billion in 2023-24.
Remittances surpassed FDI inflows and financed over half of India's merchandise trade deficit.
The U.S. is now the largest source of remittances, accounting for 27.7%.
Digital channels account for 73.5% of all remittance transactions, lowering costs.
Remittances are concentrated in a few states, highlighting infrastructure disparities.
- Who
- Indian migrants and the Reserve Bank of India (RBI)
- What
- Record-high inward remittances to India, driven by shifts in origin and the adoption of digital channels.
- When
- 2023-24
- Where
- India and countries with Indian migrants
- Why
- Due to global economic uncertainty, changing migration patterns, and the rise of digital payment methods
- Inward Remittances (2023-24)
- $118.7 billion
- U.S. Remittance Share
- 27.7%
- Digital Remittance Share (Average)
- 73.5%
- Average Cost of Sending $200
- 4.9%
- States with highest Remittances
- Maharashtra, Kerala, and Tamil Nadu (51%)
