Global remittances are projected to hit $905 billion in 2024, and once again, India leads the world in receiving the largest share. According to the RBI, India’s remittance inflows surged to $118.7 billion in FY2024, more than double the amount recorded in FY2011. With a post-pandemic growth rate averaging 14.3% per year, inflows are expected to reach $160 billion by 2029.
India has consistently been the top remittance recipient since 2008, now accounting for about 14% of global remittances, up from 11% in 2001. Here’s a quick look at the top 10 countries sending money to India in FY2024:
1. United States – $33B (28% of total inflows)
The US continues to dominate as the largest source of remittances, driven by a large base of high-skilled Indian professionals.
2. United Arab Emirates – $22.8B
With a massive Indian workforce, the UAE remains the top Gulf contributor to India’s inflow.
3. United Kingdom – $12.8B
A long-standing partner in migration and IT exports, the UK is India’s third-largest remittance source.
4. Saudi Arabia – $8B
One of the oldest destinations for Indian migrants, especially in construction and services.
5. Singapore – $7.8B
A growing hub for Indian professionals and entrepreneurs, matching Saudi Arabia’s share at 6.6%.
6. Qatar – $4.9B
While its share has declined in recent years, it still contributes a significant amount from its large expat community.
7. Kuwait – $4.6B
Once a stronger contributor, Kuwait’s share has dropped to 3.9% in FY24 from 6.5% in FY17.
8. Canada – $4.5B
Driven by rising migration and student inflow, Canada remains a key contributor to India’s foreign inflows.
9. Oman – $3B
Oman is the only GCC country in the top 10 to have increased its contribution since FY17.
10. Australia – $2.7B
Part of a growing trend of Indian migration to advanced economies with higher earning potential.
