New Delhi, May 4 -- Remittances sent home by Indian workers overseas have long been a saviour for the Indian economy, which has become dependent on foreign savings to finance the economy. Recent data releases from the Reserve Bank of India (RBI) show that the nature of remittances has been changing over time, revealing not only emerging trends but also potentially reviving some old debates.

Remittances to India have more than doubled from $55.6 billion in 2010-11 to $118.7 billion in 2023-24 (the graph alongside has calendar years). In fact, India leads the global league tables in remittances, being the top recipient. Remittances crossed the $100-billion mark in 2021. And, looking at the run-rate so far, remittances are likely to touch a...