The remittances sent back home by Indians working abroad have registered a 14 per cent rise in the financial year 2024-25 to a record 135.46 billion dollars, according to data compiled by the RBI. Indians working abroad sent home a record 129.4 billion dollars in 2024. The RBI said the inflows, classified under “private transfers”, accounted for more than 10 per cent.
India tops the list of recipient countries for remittances in 2024 and is way ahead of second-placed Mexico with 68 billion dollars. China (48 billion dollars ) is in the third spot, followed by the Philippines (40 billion dollars) and Pakistan (33 billion dollars ), according to figures compiled by World Bank economists.
The number of Indians working overseas has tripled from 6.6 million in 1990 to 18.5 million in 2024, with its share in global migrants rising from 4.3 per cent to over 6 per cent during the same period.
Indian migrants in the Gulf countries account for around half of the total Indian migrants in the world.
Meanwhile, in a big relief to Indian professionals working in the US and Non-Resident Indians sending money to India, the updated draft of the One Big Beautiful Bill Act proposed by President Donald Trump has reduced the tax rate on remittances to 1 per cent, down from the 5 per cent proposed initially.
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