Monday, September 28
The Indian diaspora sent home $135.46 billion in the last fiscal year, the highest on record. According to latest balance of payments data released by the Reserve Bank of India, gross inward remittances by overseas Indians, as reflected in ‘private transfers', were 14% higher from the previous year.India has been the biggest recipient of diaspora remittances for more than a decade now. The inflows have more than doubled in eight years — from $61 billion in 2016-17.RBI data show that remittances accounted for over 10 % of the gross current account inflows of $1 trillion during the fiscal year ended March 31.“The strong growth in remittances has persisted despite weakness in crude oil prices,” said Gaura Sengupta, chief economist at IDFC First Bank. “This is a result of rising shar
