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India’s inward remittances — the world’s largest recipient

Q: How much money do Indians abroad send home each year?

India's inward remittances -- the money Indians working overseas send back to families at home -- reached about $119 billion in the fiscal year 2023-24, a record, with a provisional figure of roughly $135 billion for 2024-25. That is up from about $61 billion in 2016-17. India is the world's largest recipient of remittances, ahead of countries such as Mexico, China and the Philippines. These figures are rounded and approximate; the Reserve Bank of India reports them as private transfer receipts within the Balance of Payments, while the World Bank publishes calendar-year migration estimates that can differ slightly.

Q: Why do remittances matter for India's economy and banks?

Remittances are the single largest stabilising inflow in India's external current account after services exports. At roughly 3% of GDP, they help finance India's goods trade deficit, support the rupee and add to foreign-exchange reserves. For banks, remittances flow in through NRE/NRO accounts and money-transfer channels, feeding the deposit base (see NRI deposits) and fee income. A steady, growing remittance stream is one reason India runs a comparatively small current account deficit despite a large merchandise trade deficit.

Q: Which countries send the most remittances to India?

The largest single source is the United States (around 23% of inflows), followed by the United Arab Emirates (around 18%) and other Gulf economies such as Saudi Arabia, Kuwait, Qatar and Oman, plus the United Kingdom, Singapore, Canada and Australia. Over the past decade the share from advanced economies (the US and UK in particular) has been rising as the Indian diaspora there grows and earns more, while the Gulf's share has gradually eased. These shares are approximate and based on the RBI's periodic remittance surveys.

Quick answerInward remittances are the money Indians working abroad send home. India receives more than any other country — about $119bn in FY2023-24 (a record), with a provisional ~$135bn in FY2024-25, up from about $61bn in FY2016-17. At roughly 3% of GDP, remittances are the largest stabilising inflow in India’s external current account after services exports — they help finance the goods trade deficit, support the rupee and add to forex reserves. The biggest sources are the United States (~23%) and the UAE (~18%). Figures are official, rounded, approximate and revised periodically; FY2024-25 is provisional.

The chart shows India’s inward remittances in USD billion by fiscal year. The table below carries the same figures so the page is readable without JavaScript — for accessibility and AI answer engines.

India inward remittances by fiscal year (USD billion)

Fiscal year (Apr-Mar)	Remittances (USD bn)	Note
FY2016-17	~$61bn	Post-demonetisation year; Gulf still the dominant source
FY2018-19	~$76bn	Steady growth as overseas Indian workforce expands
FY2019-20	~$83bn	Pre-pandemic peak before COVID disruption
FY2020-21	~$80bn	Remarkably resilient through COVID (World Bank flagged India)
FY2021-22	~$89bn	Recovery as Gulf and Western economies reopen
FY2022-23	~$112bn	First time above $100bn; advanced-economy share rising
FY2023-24	~$119bn	Record inflow; India the world's largest recipient
FY2024-25	~$135bn	Provisional / indicative, pending final RBI BoP data

All figures are rounded and approximate. The RBI reports remittances as private transfer receipts within the Balance of Payments (fiscal-year basis); the World Bank publishes calendar-year migration estimates that can differ slightly. FY2024-25 is provisional. None of these figures is in the BankPulse Verified-numbers ledger pending reviewer sign-off. For exact figures see the source linked below.

Where India’s remittances come from (approximate shares)

The advanced-economy share (US and UK) has been rising as the diaspora there grows and earns more, while the Gulf’s share has gradually eased. Shares are approximate, from the RBI’s periodic remittance surveys.

Source country / region	Approx. share	Note
United States	~23%	Largest single source; high-skill diaspora
United Arab Emirates	~18%	Top Gulf source; large blue- and white-collar workforce
United Kingdom	~7%	Rising advanced-economy share
Saudi Arabia	~5%	Major Gulf labour corridor
Singapore	~5%	Skilled-professional corridor
Other (Qatar, Kuwait, Oman, Canada, Australia, etc.)	~42%	Balance across the Gulf and Western economies

What it means for bankers

Remittances are the quiet workhorse of India’s external accounts. Because India runs a large merchandise trade deficit, it is the combination of services exports and this ~$120bn-plus remittance stream that keeps the current account deficit small — typically around 1% of GDP — and underpins the rupee’s managed float. For a banker, remittances are not an abstraction: they arrive through NRE and NRO accounts and money-transfer channels, feeding the deposit base, fee income and the foreign-currency franchise. A steady, growing inflow also adds to foreign-exchange reserves, strengthening the buffer the RBI manages. The shift in sources — more from the US and UK, relatively less from the Gulf — matters too, because advanced-economy remittances tend to be larger-ticket and routed through formal banking rather than cash, which is exactly the flow banks can capture.

Key terms in this dataPlain-English definitions of the terms behind this dashboard — see the full Indian banking glossary. NRE account · NRO account

More live dataExplore BankPulse’s other external-sector dashboards: Current Account / CAD · NRI Deposits · Forex Reserves · Trade Balance.

India inward remittances FAQ

How much money do Indians abroad send home each year?

India's inward remittances reached about $119bn in FY2023-24 (a record), with a provisional ~$135bn for FY2024-25, up from ~$61bn in FY2016-17. India is the world's largest recipient. Figures are rounded and approximate; the RBI reports them as private transfer receipts in the Balance of Payments, while World Bank estimates use calendar years and can differ slightly.

Why do remittances matter for India's economy and banks?

They are the largest stabilising inflow in India's current account after services exports -- about 3% of GDP -- helping finance the goods trade deficit, supporting the rupee and adding to forex reserves. For banks they flow in through NRE/NRO accounts and money-transfer channels, feeding the deposit base and fee income.

Which countries send the most remittances to India?

The United States (~23%) is the largest single source, then the UAE (~18%) and other Gulf economies, plus the UK, Singapore, Canada and Australia. The advanced-economy share (US/UK) has been rising while the Gulf's share has eased. Shares are approximate, from the RBI's periodic remittance surveys.

Methodology & sources: see how BankPulse dashboards are sourced, verified & updated · machine-readable remittances JSON feed.

Last reviewed 20 Jun 2026 by Vikram Jain

Source: RBI — Balance of Payments and Annual Report (private transfer receipts), rbi.org.in; cross-referenced with World Bank Migration & Development data (calendar-year framing). Figures are rounded and approximate, FY2024-25 is provisional, and are not in the BankPulse Verified-numbers ledger pending reviewer sign-off. We never reproduce source text verbatim. Reviewed by Vikram Jain. Last updated 20 Jun 2026, 04:49 IST.

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