India's Remittance Boom | Mint Primer | Mint

Inward foreign remittances to India surged by 26% to $112.5 billion in the last fiscal year, the highest growth in five years, driven by economic recovery post-pandemic. Leading contributors include the US, UAE, UK, Singapore, and others. The World Bank expects a slight slowdown due to subdued growth in OECD economies. In 2022, remittances were buoyed by strong oil prices in GCC countries and robust US labor markets. These remittances act as buffers against external shocks, making up 3.2% of India's GDP. Goldman Sachs predicts a stronger current account balance for India in 2023 due to robust remittance inflows. Despite global weaknesses, economists anticipate India's remittances to remain resilient this fiscal year.

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[tfernandes]

The investment bank estimates net remittances at $104 billion in calendar year 2023, up from the earlier projection of $92 billion. With almost $110 billion in gross remittance receipts, 3.2% of GDP in 2022, India 🇮🇳 was one of the highest recipients of remittances globally.17-May-2023

[TheSupremeMind-]

Please try to research and make a video on the annual cost of brain drain on India's economy. The quantification is a very important topic and it will be a great marketing opportunity for Mint.

[sydgvkx]

PRAYERS 🙏 BY RAVINDER TALWAR JALANDHAR CITY PUNJAB INDIA

[keralanaturelover]

Maharashtra overtook kerala in remittance