India received highest ever foreign inward remittances in a single year of $89,127 million in FY 2021-22

During 2021-22, India received foreign inward remittances of $89,127 million which was the highest ever inward remittances received in a single year. This was stated by Union Minister of State for Finance Pankaj Chaudhary in a written reply to a question in Rajya Sabha today.

The data for the past five years on inward remittances is as below.

Year Inward Remittances

(US $ million)

2017-18 69,129
2018-19 76,396
2019-20 83,195
2020-21 80,185
2021-22 89,127

Source: RBI.

Giving out more information, the Minister stated that country-wise data on remittance are not compiled. However, the Minister stated, the share of major countries in inward remittances to India, based on survey conducted by the RBI for 2020-21 through Authorised Dealers (ADs) banks, is as below.

Country-wise Share in Inward Remittances, 2020-21
Source Country Share in Total Remittances

(Per cent)

United States 23.4
United Arab Emirates 18.0
United Kingdom 6.8
Singapore 5.7
Saudi Arabia 5.1
Kuwait 2.4
Oman 1.6
Qatar 1.5
Hong Kong 1.1
Australia 0.7
Malaysia 0.7
Canada 0.6
Germany 0.6
Italy 0.1
Philippines 0.0
Nepal 0.0
Others 31.6

Source: RBI Remittance Survey, 2021 as published in RBI Bulletin article on remittances, “Headwinds of COVID-19 and India’s Inward Remittances”, July 2022.

The Minister further stated that the value of the Indian Rupee is market-determined and the RBI closely monitors the foreign exchange markets and intervenes only to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any pre-determined target level or band.

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