US, UK, Singapore lead as India's top remittance hubs; overtake GCC nations

The Gulf Cooperation Council (GCC) countries-UAE, Saudi Arabia, Kuwait, Qatar, Oman, and Bahrain-together contributed 38 per cent to total remittances received by India in 2023-24

Advanced economies (AEs), particularly the US, the UK, Singapore, Canada, and Australia, together accounted for more than half of India’s remittances in 2023-24 (FY24), reflecting a shift in migration patterns towards a skilled Indian diaspora.

 

The Gulf Cooperation Council (GCC) countries — United Arab Emirates (UAE), Saudi Arabia, Kuwait, Qatar, Oman, and Bahrain — contributed 38 per cent of the total remittances received by India in FY24. India’s inward remittances have more than doubled from $55.6 billion in 2010-11 to $118.7 billion in 2023-24. 

 

According to insights from the sixth round of India’s Remittances Survey, there has been a gradual