Indian Economy News

India received the highest ever foreign inward remittances in a single year of $89,127 million in FY 2021-22

In 2021–2022, India received a total of US$ 89,127 million inward remittances from foreign, the largest amount ever in a single year, said the Union Minister of State for Finance Mr. Pankaj Chaudhary. The data on inward remittances for the past 4 years are as follows: US$ 80,185 million in 2020-21, US$ 83,195 million in 2019-20, US$ 76,396 million in 2018-19, and lastly, US$ 69,129 million in 2017-18.

Moreover, the highest share of 5 major countries in inward remittances to India through Authorised Dealer (ADs) banks are from the United States (23.4%), followed by United Arab Emirates (18%), United Kingdom (6.8%), Singapore (5.7%) and Saudi Arabia (5.1%).

The RBI closely monitors the foreign exchange markets and only intervenes to maintain orderly market conditions by containing excessive volatility in the exchange rate, without reference to any predetermined target level or band, the Minister of Finance added.

Disclaimer: This information has been collected through secondary research and IBEF is not responsible for any errors in the same.