REMITTANCES
- ECONOMY
News: Remittances to India grew 26% to
$112.5 billion in FY23
What's
in the news?
● Remittances
to the country by non-resident Indians rose 26% on year to about $112.5 billion
in FY23, underscoring the surge in demand for Indian professionals globally
after the pandemic.
Key
takeaways:
● Remittances
to India were $89.1 billion in FY22.
India continues to be the top recipient of remittances globally for the last
several years.
Remittances:
● Remittances
are money transfers that migrants send to their families and friends in their
home countries.
● They
are an important source of income and
foreign exchange for many developing countries, especially those in South
Asia.
● Remittances
can help reduce poverty, improve living standards, support education and health
care, and stimulate economic activity.
Top
five countries:
Top
three sources of remittances to India: