NRIs sent huge sums of money to India! | NRIs Foreign Remittance | Foreign Ministry India

NRIs, or Non-Resident Indians, are people who have moved away from India for work, education, or to reside and have spent less than 182 days in India. The Indian Finance Ministry has now released new figures on these NRIs. According to new Ministry of Finance figures, overseas remittances in India climbed by 26% to $ 112.5 billion in the previous fiscal year, the biggest growth in the prior five years. In FY2022, inward foreign remittances totaled $89.1 billion, $80.2 billion in FY2021, $83.2 billion in FY2020, and $76.4 billion in FY19.

These countries have the largest share

Countries such as the United States and the United Arab Emirates (UAE) contributed the most to India's inward remittances. The United Kingdom, Singapore, Saudi Arabia, Kuwait, Oman, Qatar, Hong Kong, and Australia were other substantial contributors to inward foreign remittances. Surprisingly, the World Bank forecasts overseas remittances to South Asia to rise by 0.3% this calendar year as OECD economies decline, particularly in the high-tech sector in the United States, reducing demand for IT workers. does.