New Delhi: The Gulf Cooperation Council (GCC), comprising Saudi Arabia, Qatar, UAE, Oman, and Bahrain, contributed 38% of India’s total remittances for 2023-24, according to the Reserve Bank of India’s (RBI) latest bulletin.
The report states that India received a total of $18.7 billion in foreign remittances, with the GCC’s share amounting to approximately ₹3,896.3 billion. Among these nations, the United Arab Emirates (UAE) emerged as the largest source of remittances, highlighting the significant role of Indian migrants working in sectors such as construction, healthcare, and tourism.
Titled “Changing Dynamics of Indian Remittances,” the study, published by the RBI’s Department of Economic and Policy Research, offers key insights from India’s sixth remittance survey. It details country-wise remittance inflows and the Indian states that receive the highest share of these funds.
The GCC nations account for nearly half of all Indian migrants globally. The report also projects that as India’s working-age population continues to rise, the country will become the world’s leading supplier of labor by 2048. While the UAE remains a crucial hub for Indian migrant workers, nations like the United States primarily employ Indians in white-collar jobs.
Additionally, countries such as the US, UK, Singapore, Canada, and Australia collectively contribute the other half of India’s remittances.
On the domestic front, the states of Maharashtra, Telangana, and Punjab recorded the highest number of Indian students and professionals migrating abroad for education and employment opportunities.
