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In 2020-21, the US accounted for 23 percent of total remittances to India. If that share is maintained, the remittance from the United States to India will touch a whopping $23 billion
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That contribution will nearly equal the sum of US exports to India in the first six months of the current year
India is all set to receive more than $100 bn in remittances from abroad this year, according to a World Bank report released in late November. This will be the first time a single country will cross the $100 bn milestone.
According to the 37th edition of the “Migration and Development Brief”, there are two important points. The first is the emergence of the United States as the top source of remittance to India. In 2020-21, the US accounted for 23 percent of total remittances to India. If that share is maintained, the remittance from the United States to India will touch a whopping $23 billion. That contribution will nearly equal the sum of US exports to India in the first six months of the current year.
The Indian diaspora in the US is responsible for the remittance. With a $25 trillion economy, the United States is the richest country in the world. It is also home to the largest Indian diaspora — every sixth member of the global Indian diaspora lives in the US — which is also one of the most affluent diasporas in the world.
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