© IE Online Media Services Pvt Ltd
Tags:
Journalism of Courage
India’s top 10 remittance sources in FY24: India has emerged as one of the world’s leading recipients of remittances, with inflows more than doubling from US$ 55.6 billion in 2010-11 to US$ 118.7 billion in 2023-24, according to the Reserve Bank of India’s (RBI) latest Remittances Survey 2025.
In FY24, over half of India’s remittances came from advanced economies, including the United States of America, United Kingdom, Singapore, Canada, and Australia, signalling a shift in the global remittance landscape.
On the contrary, the Gulf Cooperation Council (GCC) countries, known to be primary sources of remittances to India historically, have shown significant decline.
The US emerged as the largest source, accounting for 27.7 per cent of total remittances in FY24, up from 23.4 per cent in FY21. The United Arab Emirates (UAE) followed as the second-largest source, though its share fell to 19.2 per cent in FY24 from 27 per cent in FY17. Despite this longer-term decline, the UAE’s contribution has seen a modest rise of 1.2 per cent since FY21.
This contrast between the US and UAE highlights a broader trend. While the UAE continues to host a larger number of Indian migrant workers — many employed in blue-collar jobs — the US workforce largely comprises white-collar professionals. As a result, even with fewer migrants, the US contributes a significantly higher share of remittances.
Among other notable contributors, Singapore marked its highest-ever share since FY17, accounting for 6.6 per cent of total remittances in FY24 — up from 5.5 per cent in FY17.
| Rank | Source Country | India’s Inward Remittance Share for FY24 |
| 1 | United States | 27.7 |
| 2 | United Arab Emirates | 19.2 |
| 3 | United Kingdom | 10.8 |
| 4 | Saudi Arabia | 6.7 |
| 5 | Singapore | 6.6 |
| 6 | Qatar | 4.1 |
| 7 | Kuwait | 3.9 |
| 8 | Canada | 3.8 |
| 9 | Oman | 2.5 |
| 10 | Australia | 2.3 |
Note: For 2023-24, remittance shares are determined with two major components of inward remittances: (a) transfers for family maintenance and savings; and (b) local withdrawals from non-resident bank accounts.
