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1 / 13Latest RBI data suggests remittances to India more than doubled from $55.6 billion in FY2011 to $118.7 billion in FY2024, with an average annual growth rate of 14.3% post-pandemic. The central bank anticipates these inflows to stay elevated, potentially reaching $160 billion by 2029. (Image: Shutterstock)
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2 / 13India has held the top spot for remittance inflows since 2008, with its share of global remittances increasing from 11% in 2001 to around 14% in 2024. Other major remittance-receiving countries include Mexico, China, the Philippines, France, Pakistan, and Bangladesh.
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3 / 13Overall, global remittances are projected to reach $905 billion in 2024, with India expected to see an increase in foreign inflows from expats as it remains the top remittance-receiving country. Take a look at the top countries from where remittance inflows to India was the highest in FY2024.
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4 / 13No 1. United States | Remittance in FY24: $33 billion | As the primary destination for India’s skilled migrants, the US remains the largest source of remittances to India. In FY24, remittances from the US accounted for nearly 28% of total inflows.
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5 / 13No 2. United Arab Emirates | Remittance in FY24: $22.8 billion | A major contributor to India’s remittance inflows, driven by its large Indian expatriate population. Migrants in Gulf Cooperation Council (GCC) countries account for nearly half of the total Indian migrant population worldwide, making the UAE a key source of remittances. (Image: Reuters)
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6 / 13No 3. United Kingdom (UK) | Remittance in FY24: $12.8 billion | India’s remittance inflows from the UK stood at $12.8 billion in FY24. The rise in skilled emigrants to advanced economies (AEs), particularly the US and UK, has been driven by the global expansion of Indian IT services since the early 2000s, enhancing India’s remittance contributions from these regions. (Image: Reuters)
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7 / 13No 4. Saudi Arabia | Remittance in FY24: $8 billion | A key remittance hub for Indian workers in the Gulf region, Saudi Arabia contributed $8 billion in remittances to India in FY24, accounting for 7% of total inflows. The oil-rich nation remains a significant source of remittances, given its large Indian expatriate workforce, particularly in sectors such as construction, healthcare, and services.
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8 / 13No 5. Singapore | Remittance in FY24: $7.8 billion | With $7.8 billion in remittances, Singapore surpassed other GCC countries such as Kuwait, Qatar, and Oman in foreign money inflows to India. The country’s share in India’s total remittance stood at 6.6% in FY24, on par with Saudi Arabia. Known as the Lion City, Singapore hosts a large Indian professional and business community, making it a key remittance hub for India.
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9 / 13No 6. Kuwait | Remittance in FY24: $4.6 billion | Kuwait’s contribution to India’s remittance stood at $4.6 billion in FY24, accounting for 3.9% of the total inflows. The Gulf nation, traditionally a key source of remittances to India, has seen its share decline from 6.5% in FY17. (Image: Reuters)
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10 / 13No 7. Qatar | Remittance in FY24: $4.9 billion | A notable source of remittances, primarily from Indian workers, Qatar recorded inflows of $4.9 billion in FY24. While its contribution has declined over the past three years, it remains above pre-pandemic levels. (Image: Reuters)
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11 / 13No 8. Canada | Remittance in FY24: $4.51 billion | Remittances from Canada reached $4.5 billion in FY24, contributing 3.8% to India’s total inflows. The country remains a key destination for Indian migrants, particularly for work and education. Notably, Canada continues to be a top choice for Indian students pursuing higher education abroad. As of January 2024, 32% of the 13.4 lakh Indian students studying overseas were enrolled in Canadian institutions, followed by the US and the UK. (Image: Reuters)
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12 / 13No 9. Oman | Remittance in FY24: $2.97 billion | Oman, another Gulf nation with a strong Indian workforce, remitted close to $3 billion in FY24. The increased flow of Omani rial has boosted its share in India’s total remittance to 2.5%, up from about 1% in FY17. Interestingly, Oman is the only GCC country among the top ten to have seen an increase in contribution during this period.
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13 / 13No 10. Australia | Remittance in FY24: $2.7 billion | With a total remittance of $2.7 billion, Australia ranks 10th in India’s total remittance inflows. Interestingly, advanced economies such as the US, the UK, Singapore, Canada, and Australia collectively accounted for more than half of India’s remittances in FY24, highlighting a shift in migration patterns towards skilled labour and higher-income destinations.
