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RBI's 6th Remittances Survey
June 6 , 2025
7 hrs 0 min
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- Inward remittances stood at a record $118.7 billion in 2023-24.
- This is not only exceeding the FDI inflows but also financing over half of India’s merchandise trade deficit.
- The U.S. accounts for 27.7% of India’s inward remittances.
- This is a hike from 23.4% reported in the Fifth Round (2020-21) Survey.
- The U.S., U.K., Canada, Australia, and Singapore together account for 51.2% of the flows.
- They overtook the cumulative share of the six GCC nations (37.9%) by a large margin.
- In 2023-24, transfers above ₹5 lakh accounted for nearly 29% of total remittance value.
- In 2023-24, digital channels, on average, accounted for 73.5% of all remittance transactions.
- The average cost of sending $200 to India now stands at 4.9%, below the global average of 6.65%.
- But this is still above the Sustainable Development Goal benchmark of 3%.
- Maharashtra, Kerala, and Tamil Nadu received about 51% of total remittances.
- Bihar, Uttar Pradesh, and Rajasthan have received a total share of under 6% of remittances.
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