Good news for India as it gets record Rs 1154729 crore from…; continues to be biggest receiver of…
The entrances increased by more than twice the USD in 2016-17 in eight years than USD $ 61 billion.
Indians living abroad sent a record amount of money to India with the transfer of the last financial year. According to data published by the Indian Reserve Bank (RBI), the transfer reached the highest level of US dollars (around 1154729 RS) with an increase of 14 percent in the previous financial year. India has been the biggest buyer of diaspora transfer for more than a decade. The entrances increased by more than twice the USD in 2016-17 in eight years than USD $ 61 billion.
The biggest transfer buyer
India is one of the list of countries in the world. According to World Bank data, India continues to be the country in the world’s highest transfer. The USA, UK, UAE, Saudi Arabia and Singapore are the top five sources for the country.
In 2024, Mexico is at number two ($ 68 billion) and China at number three ($ 48 billion). RBI data showed that 10 percent of gross account entries increased to 1 trillion dollars per year.
FIES IN FY 2023-24
In the financial year of 2023-24, the main transfer source was 27.7 percent from the US, then the UAE (19.2 percent), Britain (10.8 percent), Saudi Arabia (6.7 percent) and Singapore (6.6 percent). “India’s referral receipts often remained higher than India’s gross foreign direct investment (DYM) flows, so that India’s referral receipts have been higher than India, thus determined their importance as a stable external financing.” In 2023-24 financially, Maharashtra received the biggest share of these transfer by 20.5 percent.
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Indians working abroad
The number of Indians working abroad rose from 6.6 million to 18.5 million in 1990 in 1990, and its share in global immigrants increased from 4.3 percent to 6 percent in the same period. Moreover, the updated draft of a great beautiful bill of billing law proposed by President Donald Trump to Indian professionals working in the US and non -resident Indians who sent money to India, the updated draft of the law, reduced the tax rate from 5 percent to 1 percent at the beginning.
