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US, UAE, UK, And Singapore Account For Over 50 Per Cent Of Foreign Inward Remittances To India
US dollar bills (Unsplash/Sharon McCutcheon)
The government on Tuesday (7 February) informed the Parliament that India received foreign inward remittances of $89 billion during 2021-22, which was the highest ever inward remittances received in a single year.
In a written reply to a question in the Rajya Sabha, Union Minister of State for Finance Pankaj Chaudhary informed that $69.129 billion of foreign inward remittances were received in 2017-18, $76.396 billion in 2018-19, $83.195 billion in 2019-20, $80.185 billion in 2020-21 and $89.127 billion in 2021-22.
The minister also shared the data on the share of major countries in inward remittances to India.
The data, based on survey conducted by the RBI for 2020-21 through Authorised Dealers (ADs) banks, reveals that four top countries contributed over 50 per cent of inward remittances to India in 2020-21.
These include the United States (23.4 per cent) United Arab Emirates (18 per cent). United Kingdom (6.8 per cent), and Singapore (5.7 per cent).
Other countries that are among the top ten contributors included Saudi Arabia (5.1 per cent), Kuwait (2.4 per cent), Oman (1.6 per cent), Qatar (1.5 per cent), Hong Kong (1.1 per cent), and Australia (0.7 per cent).
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