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US' return as leading source of Indian remittances mirrors pre-2008 trend

North America had a high share of remittances before the global financial crisis

Photo: Bloomberg
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Photo: Bloomberg

Sachin P Mampatta Mumbai
The US accounted for nearly a quarter of India’s total remittances in 2020-21, marking a reversion to the trend that existed before 2008.

The US accounted for 23.4 per cent of the total money sent back by Indians living abroad, according to the Reserve Bank of India’s latest remittances survey for 2020-21. The RBI has conducted similar surveys in the past. North America accounted for as much as 44 per cent of the remittances before 2008, shows reports available between 2006-07 to 2012-13 which had a regional rather than a country-wise breakup.  

This, then, largely shows a declining trend

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First Published: Jul 19 2022 | 5:52 PM IST

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