Maharashtra Has Largest Share in India's Inward Remittances, Followed by Kerala and Tamil Nadu

New Delhi: The share of Kerala in inward remittances to the country increased to 19.7% in FY24, making the southern state, along with Maharashtra and Tamil Nadu collectively account for over half of India’s total inward remittances.

According to data from the Reserve Bank of India (RBI) March bulletin, Maharashtra topped the list of states with a share of 20.5%, followed by Kerala (19.7%) and Tamil Nadu (10.4%), reported Financial Express.

Back in FY21, Kerala10.2% FY21 after the Covid pandemic affected the inflows from the Gulf Cooperation Council (GCC) countries to the state.

According to an article titled “Changing Dynamics of India’s Remittances – Insights from the Sixth Round of India’s Remittances Survey” published in the RBI bulletin, states such as Maharashtra, Telangana and Punjab account for the largest number of Indian students migrating abroad.

They go to these countries for higher studies and stay back for employment opportunities, reflecting in increasing share of inward remittances

More than half of the remittances in FY24 are from countries such as the US, the UK, Canada, Singapore and Australia, indicating a shift from Gulf Cooperation Council (GCC) countries.

Meanwhile, the share from the United Arab Emirates – the second in the list after the US – has fallen from 26.9% in FY17 to 19.2% in FY24.

India’s remittances have more than doubled to $118.7 billion in FY24 from $55.6 billion in FY11.

The Wire is now on WhatsApp. Follow our channel for sharp analysis and opinions on the latest developments.