Understanding international remittances and the factors affecting it with focus towards India and impact of economic downturns of the west

By: Contributor(s): Material type: Computer fileComputer filePublication details: Ahmedabad Indian Institute of Management 2023Description: 11 p. : illSubject(s): DDC classification:
  • SP2023/3720 SP003720
Summary: International Remittances are a substantial part of the Balance of Payments of our country. Without the same, the Balance of Payments would be in a heavier deficit than it is year on year. That would increase the burden on the central bank (RBI) and the government and hence eventually lead to a depletion of the foreign exchange reserves. Therefore, the International Remittances remain a very crucial component for the Reserve Bank of India and the central government. A look at the RBI’s balance of payments (invisibles) casts a light on the recent trends in international remittance receipts in India. (RBI, 2023) The World Bank data shows that remittance towards emerging market economies (EMEs) has been increasing steadily. Globally, India continues to be the highest recipient of remittances. (World Bank, 2023)Within India, there has been a steady uptick in the remittances received, as can be seen in the table below. From 2011-12 to 2021-22, the compounded annual growth in remittances has been to the tune of 3.06 per cent. (RBI, 2023)
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Student Project Vikram Sarabhai Library Reference Students Project SP2023/3720 (Browse shelf(Opens below)) e-Book - Digital Access SP003720

Submitted to Prof. Chinmay Tumbe

Submitted by: Sarthak Gautam, Keshav Chhabra

International Remittances are a substantial part of the Balance of Payments of our country. Without the same, the Balance of Payments would be in a heavier deficit than it is year on year. That would increase the burden on the central bank (RBI) and the government and hence eventually lead to a depletion of the foreign exchange reserves. Therefore, the International Remittances remain a very crucial component for the Reserve Bank of India and the central government. A look at the RBI’s balance of payments (invisibles) casts a light on the recent trends in international remittance receipts in India. (RBI, 2023) The World Bank data shows that remittance towards emerging market economies (EMEs) has been increasing steadily. Globally, India continues to be the highest recipient of remittances. (World Bank, 2023)Within India, there has been a steady uptick in the remittances received, as can be seen in the table below. From 2011-12 to 2021-22, the compounded annual growth in remittances has been to the tune of 3.06 per cent. (RBI, 2023)

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