India continues to be the top recipient of remittances. It received $112.5 billion in FY 23 as against foreign inward remittances of $89.1 billion in FY 22. It essentially means money transferred from NRIs or Non-Resident Indians employed outside the country to family, friends or relatives back home. This surge in remittances comes at a time when FDI flows seem to have slowed. Experts believe both FDI inflows and the uptick in remittances is crucial as they are considered stable and safe inflows into a country.
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