- -3.2% of GDP contribution by remittances in 2022
Foreign remittances to India grew 26% in the last financial year to $112.5 billion, clocking its highest growth in the last five years amid a rebound in economic recovery after the pandemic, showed latest data from the finance ministry.
Inward foreign remittances stood at $89.1 billion in FY22, $80.2 billion in FY21, $83.2 billion in FY20, and $76.4 billion in FY19.
Countries like the US and United Arab Emirates (UAE) held the top share in India’s inward remittances. Other countries, which contributed to large volumes of inward foreign remittances included the UK, Singapore, Saudi Arabia, Kuwait, Oman, Qatar, Hong Kong, and Australia.
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