Mumbai, July 1
The remittances sent back home by Indians working abroad have registered a 14 per cent rise in the financial year 2024-25 to a record $135.46 billion, according to data compiled by the RBI.
The RBI said the inflows, classified under “private transfers”, accounted for more than 10 per cent of India’s gross current account flows of $1 trillion in FY25.
Personal transfer receipts, mainly representing remittances by Indians employed overseas, rose to $33.9 billion in the January-March quarter of 2024-25 from $31.3 billion in the same quarter of the previous year, RBI data shows.
Indians working abroad sent home a record $129.4 billion in 2024, with the highest ever inflows of $36 billion in the October-December quarter.
India tops the list of recipient countries for remittances in 2024 and is way ahead of second-placed Mexico with $68 billion. China ($48 billion) is in the third spot, followed by the Philippines ($40 billion) and Pakistan ($33 billion), according to figures compiled by World Bank economists.
The growth rate of remittances in the 2024 calendar year is estimated to be 5.8 per cent, compared to 1.2 per cent registered in 2023, according to the World Bank data.