While the average global remittance amounted to 6.2 percent, it was 4.3 percent in South Asia. South Asia has the lowest remittance costs among all regions of the world. Remittance costs also play a big part in the remittance flow between the countries. India's non-residential deposits have also increased by $10 billion this year. The non-residential deposits in India amounted to $143 billion in September 2023.

Similarly, the use of the dirham-rupee and cooperation in interlinking payments between India and the UAE have also paced the growth of the remittance flow between the two countries.įurthermore, India has implemented non-residential deposit programmes to attract foreign currency from non-residential Indians. The UAE is the second-largest contributing country to India’s remittances after the United States.Īlso read: As companies from Google to Paytm partner with ONDC, can it become the next UPI?Īccording to the report, some initiatives by the government, such as UPI linkage between India and Singapore for cross-border remittance, have highly contributed to the growth in remittance inflow. Gulf Cooperation Council (GCC) countries are the second most prominent contributors to India's remittance inflow, with the United Arab Emirates alone contributing 18 percent to the total inflow. The money sent from these three countries amounts to 36 percent of India's total remittance inflow. The United States, the United Kingdom, and Singapore are the most significant contributors to the remittance inflow in India. The total remittance inflow to South Asia was about $189 billion, of which India's share was almost 66 percent. While the average growth in low- and middle-income countries was 3.8 percent, remittance inflow grew 7.2 percent in South Asia. Taxpayers heave a sigh of relief as overseas spending on credit cards won't attract taxĪs per the report, the total remittance flow to low- and middle-income countries amounted to $669 billion in 2023.

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