US Leads in Remittances to India, Overtaking UAE

In a significant shift in global migration trends, the United States has emerged as the top source of remittances to India, contributing 27.7% of the total remittances in FY24. This marks a notable change from previous years when Gulf nations, particularly the UAE, dominated as the primary source of remittances.

Skilled Migration to Advanced Economies on the Rise

The rise in remittances from advanced economies like the US, UK, Singapore, Canada, and Australia reflects a broader trend of skilled Indian workers moving to these countries. The UK's share of remittances has also seen a significant increase, attributed to the 'Migration and Mobility Partnership' between India and the UK.

State-wise Distribution of Remittances in India

Maharashtra, Kerala, and Tamil Nadu are the top recipients of remittances within India, with Maharashtra leading at 20.5%. This distribution underscores the economic significance of remittances in supporting state economies and funding the country's merchandise trade deficit.

India's Growing Role in Global Migration

With India's migrant stock tripling since 1990 and its share of global migrants increasing, the country is set to remain the world's leading labor supplier. Continuous upskilling and reskilling of the workforce are crucial for maximizing this potential and ensuring sustainable economic growth.