Indian Diaspora Sends Record $135.46 Billion in Remittances in FY 2024-25

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The Indian diaspora has set a new record by sending $135.46 billion back home in the financial year 2024-25, according to the Reserve Bank of India (RBI). This is the highest amount ever sent in a single year and marks a 14% increase from the previous year.

India Remains Number One

India continues to be the top country in the world for receiving money from its people living abroad. For more than ten years, Indians living in other countries have sent more money home than any other country’s diaspora.

Where Does the Money Come From?

  • The United States, United Kingdom, and Singapore are the main countries sending money to India. Together, they make up about 45% of all remittances.
  • The share of money coming from Gulf countries (like UAE and Saudi Arabia) is getting smaller, while more skilled workers are moving to developed countries.

Why Is This Important?

  • These remittances are a major source of money for India. In 2024-25, they made up **over 10% of India’s total foreign income.
  • The money sent by overseas Indians helps to pay for the country’s trade deficit. In fact, remittances covered nearly half of India’s trade gap** last year.
  • Remittances are also more stable than foreign investments, making them a reliable source of funds for the country.

How Have Remittances Grown?

  • In just eight years, the money sent by the Indian diaspora has more than doubled from $61 billion in 2016-17 to $135.46 billion in 2024-25.
  • This growth has continued even when oil prices were low, thanks to more Indians working in skilled jobs in developed countries.

How Is the Money Sent?

  • Most people use digital methods to send money, making the process faster and cheaper.
  • India is also one of the cheapest countries for sending small amounts of money, like $20.

The record-breaking remittances show the strong connection between Indians abroad and their families back home. This money plays a big role in supporting families, boosting the Indian economy, and helping the country grow.

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