The US stood first with a 23.4 per cent share in total remittance flows, followed by the UAE at 18 per cent, the UK was in third place with a 6.8 per cent share and Singapore was fourth with a 5.7 per cent share
India received nearly $90 billion in remittance flows from around the world in 2022, with the UAE being the second-largest source of remittances, reported thenationalnews.com.
The total remittance flows during the 2021-22 fiscal year were the highest received by India in a single year, data from India’s Ministry of Finance showed.
The US, the world’s largest economy, was the biggest source of remittances to India, with a 23.4 per cent share in total remittance flows, followed by the UAE at 18 per cent. The UK was in third place with a 6.8 per cent share and Singapore was fourth with a 5.7 per cent share.
Saudi Arabia, the Arab world’s largest economy, was the sixth biggest source of remittances to India with a total share of 5.1 per cent in total remittances, while Kuwait, Oman and Qatar had a share of 2.4 per cent, 1.6 per cent and 1.5 per cent, respectively.
The UAE and other Gulf countries are major sources of remittance flows to India. Thousands of Indians living in the six-member Gulf Co-operation Council bloc send money to family back home, supporting the growth of Asia’s third-largest economy.
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