Non-resident Indians' remittances jump 14% to record high at $135 billion in FY25

The Indian diaspora’s remittances soared 14 percent to $135.46 billion in the previous fiscal year to hit the highest on record, showed the data released by Reserve Bank of India.

The country has been the biggest receiver of diaspora remittances for the last 10 years, with the transfers more than doubling in the last 8 years from $61 billion.

The central bank’s data showed that the remittances made for 10 percent of the gross account inflows at $1 trillion during the reported financial year.

Recently, the non-resident community received a boost from the US President Donald Trump’s administration after the proposed tax on remittances was cut down to 1 percent from 5 percent.