Morgan Stanley: India remittances rise to $138 billion in FY2025

India Apr 30, 2026

India sent home from abroad: Remittance inflows were about $120 billion in FY2024 and rose to around $138 billion in FY2025, according to Morgan Stanley.
This boost is thanks to a recovering global economy and a steadier flow of funds from Indians working overseas.

India remittances cover 40-45% trade deficit

Remittances now cover 40% to 45% of India's trade deficit, making them a huge support for the country's finances.
There's also been an interesting shift: less money is coming from Gulf countries (down from 47% to 38%), while more is arriving from places like the US (now at 27.7%).
That means India's remittance base is becoming more stable and less affected by Middle East ups and downs, a good sign for the future.