NRIs Getting Richer! Sent A Massive Sum Home

There has always been a controversy around Indians moving to other countries like the US and Canada for better work prospects. People see it as a huge loss to the nation’s intellectual property. Moreover, it is also seen as a huge economic loss to the country considering the amount they could’ve contributed to the nation’s economy had they worked from the country. But a new data has emerged that is acting as a strong counter argument for all these points. According to it, the NRIs sent home a massive $112 billion in the fiscal year 2023.

Just to put this amount in perspective, the numbers are almost as big as America’s aid to Ukraine in the war against Russia. There has been a substantial increase in inward foreign remittance that indicates a recovering global economy. The data shows that the effects of the pandemic are slowly fading away.

In fiscal year 2022, the number stood at $89.1 billion. There has been an increase of 26 percent in the money sent back home. The impact of this foreign money can be seen essentially in many south Indian cities like Cochin where a large number of people have relatives working in foreign countries.