A lot of money came to India from abroad.Image credit source: Freepik
India will soon become the country with the largest supply of labour in the world. We are not saying this, but a report by the Reserve Bank of India (RBI) says so. Every year, thousands of people from India travel abroad in search of work and employment. There they earn money in dollars, pounds and dirhams and send it back to India (in the form of remittances). By 2023, Indians have set a record in this field and may soon become number one in the world.
The Reserve Bank of India’s latest Report on Currency and Finance (RCF) says Indians living abroad will send home an amount of $115 billion in 2023. In Indian currency, this amount is about Rs 10 lakh crore (originally Rs 9.6 lakh crore).
Indians will be world leaders by 2029
The RBI estimates that by 2029, Indians living abroad will start sending an amount of $160 billion back to India in the form of remittances. In Indian currency, this amount will be around Rs 13.6 lakh crore. India is still among the top countries in the world in receiving remittances from its people. If we look at a 10-year average, Indians send home about $80 billion from abroad every year.
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India’s participation in the world.
If you want to understand it in terms of statistics, then you can understand it like this: out of all the people across the world who leave their country and work abroad and send remittances back to their countries, then out of every 100 rupees, Indians send 13.5 rupees back to their country.
If we look at the data for the last 23 years, in the year 2000, the amount of money sent to India by Indians living abroad was 2.8 percent of the country’s GDP. While in 2023, it reached 3.2 percent. Not only this, it is more money than the total FDI coming into the country. In the year 2023, India received FDI equivalent to 1.9 percent of GDP.
