NRI remittances top all time highs

Indian immigrants worldwide are expected to send a record $135 billion home in 2024, nearly $10 billion more than 2023.

What it means: India surpasses Mexico and China as the top recipient of inward remittances. These funds primarily support families, boosting local economies and driving consumption and growth. They also contribute to inflation and increased demand for premium services.

In the numbers: The $135 billion remittance accounts for nearly 3% of India’s GDP. In states like Kerala, remittances make up to 36% of the state's GDP.

• Approximately 18 million Indians live abroad, making up one of the world's largest expatriate communities.
• 70% of these remittances come from countries in the Middle East, the United States, and the United Kingdom.
• The average remittance sent by an Indian immigrant is $2,500 per year.

Context: Approximately 2.7 million Indian-born STEM workers are employed overseas, and Indian tech professionals abroad are estimated to make up nearly 50% of remittances coming to India.

• Digital remittances now account for over 50% of total remittances to India.

Big picture: Remittances to India increased by 10% compared to the previous year, reflecting robust economic prospects for Indian expatriates.