India’s Inward Remittances FY24: RBI Survey Findings
Why in the news
RBI’s sixth round of the Remittances Survey (March 2025) shows India’s remittance inflows tilting from Gulf countries to developed economies.
Key facts
- Inflow size: $118.7 billion in FY24, against $55.6 billion in FY11.
- Advanced economies (US, UK, Singapore, Canada, Australia): 51.2% in FY24 versus 34.2% in FY21.
- GCC (UAE, Saudi Arabia, Kuwait, Qatar, Oman, Bahrain): 38%, with a slowly falling share.
Share by source
| Country | FY21 | FY24 |
|---|---|---|
| United States | 23.4% | 27.7% |
| UAE | 18.0% | 19.2% |
| United Kingdom | 6.8% | 10.8% |
| Singapore | n/a | 6.6% |
| Canada | n/a | 3.8% |
| Australia | not in data | 2.3% |
Why the shift
- More skilled professionals migrate to developed economies, where jobs are better.
- Higher earnings mean larger remittances per migrant, despite fewer migrants than in the GCC.
- In the US, 78% of Indian migrants work in high-earning fields such as management, business, science and arts.
- In the UAE, migrants mainly hold blue-collar jobs in construction, healthcare, and hospitality and tourism.
- Singapore’s share is backed by finance and tech employment.
Exam angle
- Source: RBI Remittances Survey, 6th round.
- Top two sources: US, UAE.