Telangana has been ranked among the top contributors in the country as a destination of inward remittances adding one more feather to its cap.
The State, which did not figure in the list of States or Union Territories earlier, has now been ranked fourth, reporting 8.1% of the total inward remittances in the country in 2023-24.
Interestingly, Karnataka, which was among the top States with inward remittances of 15% in 2016-17, dropped to the fifth position, contributing 7.7% of inward remittances. It has, however, shown marginal improvement over the 5.2% inward remittances received in 2020-21.
According to “Changing Dynamics of India’s Remittances – Insights from the Sixth Round of India’s Remittances Survey” of the Reserve Bank of India, Maharashtra received the largest share of 20.5%, albeit lower than 2020-21 (35.2%) with Kerala following closely with its share increasing to 19.7% from about 10% followed by Tamil Nadu (10.4%) and Telangana (8.1%).
Maharashtra, Telangana and Punjab accounted for the largest number of Indian students migrating abroad for education and staying back for employment opportunities, which is reflected in the increasing share of these States in India’s inward remittances.
Additionally, the report suggests that there has been a significant shift in student migration patterns, with a growing preference for non-GCC countries as destinations.
“The results of the sixth round of survey on India’s remittances for 2023-24 highlight the changing dynamics of India’s diaspora from the GCC countries as the pre-dominant source economies to the advanced economies,” the report said.
Published – March 21, 2025 07:38 pm IST
