India’s remittance landscape is undergoing a significant transformation, with advanced economies now contributing a larger share than Gulf nations. According to the Sixth Round of India’s Remittances Survey 2023-24, countries such as the United States, the United Kingdom, Singapore, Canada, and Australia accounted for over 50% of total remittances received in FY24. This marks a clear shift in migration patterns, reducing the traditional dominance of the Gulf Cooperation Council (GCC) countries in India’s remittance inflows.

Key Findings from the RBI Survey

The latest remittance survey, published in the Reserve Bank of India’s (RBI) March 2025 bulletin, highlights this evolving trend. The GCC nations, including the United Arab Emirates (UAE), Saudi Arabia, Kuwait, Qatar, Oman, and Bahrain, collectively contributed 38% of total remittances. While the UAE remained a key source, its share stood at 19.2%, showing only a marginal increase from 18% in 2021-22.

The United States continued to be India’s largest source of remittances, increasing its share to 27.7%, up from 23.4% in 2021-22. The United Kingdom followed, with a notable rise to 10.8% from 6.8% in the previous survey period.

Methodology and Scope of the Survey

The RBI’s Sixth Round of the Remittances Survey focused on tracking remittance inflows for the financial year 2023-24. It gathered data from 30 banks, covering 99% of the total inward remittances recorded under the family maintenance and savings category. Additionally, the survey included insights from two major money transfer operators and two fintech firms engaged in cross-border remittance services.

Implications of the Shift in Remittance Sources

The findings reflect a broader migration trend, with more Indian professionals and skilled workers relocating to developed nations for better job opportunities, higher wages, and improved living conditions. This shift not only diversifies India's remittance sources but also indicates a gradual decline in the dependence on the Gulf region, which has traditionally been the primary driver of remittance inflows.

As migration patterns continue to evolve, India’s remittance dynamics are expected to further align with global economic trends, solidifying the role of advanced economies in sustaining the country's foreign exchange reserves and economic stability.