Mumbai, March 20 -- According to the RBI's March Bulleting, India's remittances have more than doubled from US$ 55.6 billion in 2010-11 to US$ 118.7 billion in 2023-24.

While financing around half of India's merchandise trade deficit, net remittance receipts have been an important absorber of external shocks during this period.

Moreover, India's remittance receipts have generally remained higher than India's gross inward foreign direct investment (FDI) flows, thus establishing their importance as a stable source of external financing.

Furthermore, following a pandemic-induced contraction of 3.6 per cent during 2020-21, remittances to India in the post pandemic period (2021-22 to 2023-24) recorded a resurgence with an average annual gro...