NRIs sent $112 bn home in FY23, most in 5 years

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NEW DELHI : Inward foreign remittances to India grew 26% in the last financial year to $112.5 billion, clocking its highest growth in the last five years amid a rebound in economic recovery after the pandemic, showed latest data from the finance ministry. Inward foreign remittances stood at $89.1 billion in FY22, $80.2 billion in FY21, $83.2 billion in FY20, and $76.4 billion in FY19. Countries like the US and United Arab Emirates (UAE) held the top share in India’s inward remittances. Other countries, which contributed to large volumes of inward foreign remittances included the UK, Singapore, Saudi Arabia, Kuwait,...