New York: Indians abroad have remitted a record $107.5 billion to the home country in the financial year 2022-23. The data of inward gross remittances was stated in the Indian Monetary Policy Committee Report released earlier this month.
“External sector indicators have improved significantly. Foreign exchange reserves have rebounded from $524.5 billion on October 21, 2022 and now stand in excess of $600 billion taking into account our forward assets,” Shaktikanta Das, Governor of the Reserve Bank of India (RBI) said in a statement.
Indian regulators had recorded that remittances by NRIs had crossed $100 billion in late 2022. The latest spike in remittances was attributed to better growth prospects of the Gulf Cooperation Council (GCC) countries. He also said that the RBI is keeping a close watch on the banking sector turmoil in some developed countries.
“Bank failures and contagion risk have brought financial stability issues to the forefront. Amidst this volatility, the banking and non-banking financial service sectors in India remain healthy and financial markets have evolved in an orderly manner. Economic activity remains resilient and real GDP growth is expected to have been 7.0 per cent in 2022-23,” he said.
