As Gulf Fades, West Rises in India’s $100-Billion Remittance Economy

The Reserve Bank of India’s latest survey on inward remittances for FY2023–24 offers more than just a statistical snapshot.

RBI logo. / Wikimedia Commons

India’s remittance economy is undergoing a quiet revolution. The Reserve Bank of India’s latest survey on inward remittances for FY2023–24 offers more than just a statistical snapshot—it marks a structural shift in how, where, and why Indians are sending money home. For a country that received over $100 billion in remittances in 2022, these shifts are no longer just footnotes—they are the frontlines of global labor, finance, and policy realignment.

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