Remittances to India grew 26% to $112.5 billion in FY23

[NG Missile Vessels]

Remittances to the country by non-resident Indians rose 26% on year to about $112.5 billion in FY23, underscoring the surge in demand for Indian professionals globally after the pandemic.

Remittances to India were $89.1 billion in FY22. India continues to be the top recipient of remittances globally for the last several years.

The latest data from the finance ministry indicates that the trend of sustained and fast-paced increase in “personal transfers” to India, which was interrupted during FY21 due to the pandemic, has not only resumed but also been buttressed.

The share of the 10 major countries in inward remittances to India, based on a survey conducted by the Reserve Bank of India for 2020-21, showed that the USA was the top source with a share of 23.4% in total remittances. It was followed by UAE with 18%, UK (6.8%), Singapore (5.7%) and Saudi Arabia (5.1%).

Private remittances are a major boost to India’s current account, even as the country’s merchandise trade often results in a deficit.

https://www.google.com/amp/s/www.financialexpress.com/economy/remittances-to-india-grew-26-to-112-5-billion-in-fy23/3209644/lite/

 

[Skull and Bones]

That’s a decent amount of money.

 

[VkdIndian]

Doesn’t hurt to get $100 billon + USD added to the economy. The increase is also an encouraging matrix.

Speaks good about the prowess of expat Indian community and how well they are doing. Kudos to them as they have carved their place by sheer hard work and dedication.

I salute them on this day - 15 Aug. The day our nation was born and has progressed well, inspite of multiple challenges.
Well done and way to go.

 

[my2cents]

Doesn’t hurt to get $100 billon + USD added to the economy. The increase is also an encouraging matrix.

Speaks good about the prowess of expat Indian community and how well they are doing. Kudos to them as they have carved their place by sheer hard work and dedication.

I salute them on this day - 15 Aug. The day our nation was born and has progressed well, Inspite of multiple challenges.
Well done and way to go.

Add FDI to India, we will be in a good position.
Despite the Indian government's restrictions on FDI from countries that share land borders with India, such as China, the country received a record FDI inflow of approximately US$84.8 billion in the fiscal year (FY) 2022.

 

[VkdIndian]

Indian decisions in regard to trade with China appears to have been taken with good planning.

It is not a blind one like taken by Paksiatnis, regarding trade with India. Their decision hurt themselves more than India.

India has taken decisions in stages, so that it doesn’t hurt our own economy. Basic idea is to change the rules gradually to benefit own economy rather than a knee jerk one, based on jingoism.

All nations with foresight and planning do this. Good example is Taiwan and Japan with China. The issues amongst them are as grave as they can get, but they still do trade.

 

[Vikramaditya-I]

We will never have a Forex crisis, it's almost impossible, not just because of the remittance but RBI can simply issue bonds to NRI and they will pump billions of dollars into it. This is seen as a last resort, not to mention the other options we have.