In the RBI report, it has been stated that in 2023-24, the highest amount of remittances from abroad was sent to Maharashtra, a BJP-ruled state.
New Delhi: Every year, billions of rupees flow into India from Indian expatriates living overseas who send funds to their families. According to the Reserve Bank of India (RBI) March 2025 bulletin report, the total foreign remittances received in India during the financial year 2023-24. Additionally, the report also highlights which state received the highest amount of foreign remittances.
During the 2023-24 financial year, India received USD 118.7 billion in remittances, according to the RBI March Bulletin 2025 report. The highest contribution came from the United States, accounting for 27.7 percent of the total remittances.
Among Muslim-majority countries, the Gulf nations—United Arab Emirates, Saudi Arabia, Qatar, Oman, and Bahrain—collectively contributed 38 percent of the total USD 118.7 billion sent to India. In Indian currency, this amounts to approximately Rs 3,896.3 billion.
Here are some of the key details:
- In the RBI report, it has been stated that in 2023-24, the highest amount of remittances from abroad was sent to Maharashtra, a BJP-ruled state.
- Maharashtra received 20.5 percent of the total remittances.
- Kerala is in the second position on this list, receiving 19.7 percent of the remittances.
- Following Kerala are Tamil Nadu, Telangana, Karnataka, and Andhra Pradesh, which received 10.4%, 8.1%, 7.7%, and 4.4% of the total remittances, respectively.
- The most significant point is that Maharashtra has remained at the top of this list since 2020.
- United Arab Emirates (UAE), Saudi Arabia, Qatar, Oman, and Bahrain—which contribute 38% of the total remittances to India, the UAE tops the list.
- Indian expatriates living in the UAE send more money to India compared to those residing in other Gulf nations.
According to the RBI report, the UAE’s share in the total remittances sent to India was approximately 18% in 2020-21, which increased to 19.2% in 2023-24. In fact, the UAE is the largest hub for Indian migrant workers. Additionally, most expatriates here are employed in the construction industry, healthcare, hospitality, and tourism sectors.
