Record Remittances to India: $129.4 Billion in 2024

Significant Growth in Remittances

Every year, millions of Indians residing abroad contribute significantly to the economy by sending substantial amounts of money back home. A recent report from the Reserve Bank of India (RBI) reveals that remittances to India reached an unprecedented $129.4 billion in 2024, with $36 billion sent during the last quarter of the year. This marks a remarkable 63% increase in remittances since 2020, primarily driven by enhanced employment opportunities in wealthier nations.

Key Contributing Countries

Top Muslim Countries Contributing to India's Remittances

The report indicates that almost 50% of the Indian diaspora resides in Gulf nations, such as the United Arab Emirates (UAE), Saudi Arabia, Qatar, Kuwait, Oman, and Bahrain. These countries collectively contributed $45 billion, representing 38% of the total remittances to India last year.

Among these, the UAE leads the way. In the fiscal year 2020-21, the UAE accounted for 18% of India's overall remittances, which rose to 19.2% in 2023-24.

Employment Sectors for Indians in the Gulf

What Jobs Do Indians Do in the Gulf?

Indians working in the Gulf are employed in various sectors, including:

• Construction: Masons, carpenters, pipefitters

• Healthcare: Doctors, nurses, medical technicians

• Manufacturing and Engineering: Factory workers, supervisors, engineers

• Transportation and Logistics: Drivers, warehouse managers

• Hospitality and Services: Hotel staff, customer service representatives

• Information Technology: Software developers, IT consultants

The substantial Indian workforce in these regions is a major factor contributing to the high volume of remittances. Many families in India rely on this income, making remittances a vital component of the nation's economy.