Money came from more developed countries than Gulf – Money Came from More Developed Countries Than Gulf –

More than half of the total funds sent from abroad from abroad during the financial year 2023-24 came from developed economies such as the US, Britain, Singapore, Canada and Australia. This shows a change in the pattern of India’s skilled migrants going to other countries. The Gulf Cooperation Council (United Arab Emirates, Saudi Arabia, Qatar, Oman and Bahrain) stake in the total funds sent to India in 2023-24. In 2010-11, the country was dispatched at $ 55.6 billion, which increased to $ 118.7 billion in more than doubled in 2023-24.

According to the information received from the sixth round of India’s Dhan Relations Survey, there has been a gradual change in the dominance of money sent from member countries of Gulf Cooperation Council (GCC). The results of the survey have been discussed in the article of the Reserve Bank of India (RBI) in the March 2025 Bulletin’s ‘Changing Mobility of India’s remittance’. Statistics show that India overtook developed economies in terms of money remittance, resulting in more money coming from such countries.

The US has the highest 27.7 per cent stake in the total funds sent to India in 2023-24, while in 202-21 it was 23.4 per cent. This reflects the improvement in America’s employment market. Foreign employees stake in the US labor force were 6.3 per cent in 2022, which was 0.7 per cent in 2019. However, in the case of the native workers, this part was broadly unchanged at 1 per cent. Along with this, 78 percent of Indian migrants in the US are working in high -income sectors such as management, business, science and art businesses.
The United Arab Emirates (UAE) remains second in the case of sending money to India. In 2020-21, the UAE stake in the total funds sent to the country was 18 per cent, which increased to 19.2 per cent in 2023-24. UAE is the largest center of Indian migrant workers. Most of the migrants work here in the field of construction industry, healthcare, hospitality and tourism.

The RBI study reported that Britain’s share of funds sent to India was 6.8 per cent in 2020-21, which increased to 10.8 per cent in 2023-24. The credit can be credited to ‘migration and mobility partnership’ between India and Britain.
The number of Indians going to Britain every year increased by 76,000 to three times by the end of 2020 to about 2,50,000 by the end of 2023, of which about half of which went in connection with the functioning.

Money remittance from Singapore has also increased and its share was 6.6 percent of the total funds sent to the country. Similarly, in 2023-24, there was 3.8 percent of the money from Canada and 2.3 percent from Australia. Canada remains a favorite place for Indian students with higher education abroad.

First Published – March 19, 2025 | 11:11 pm IST

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