Hyderabad, Aug. 8
Andhra Pradesh receives the highest amount of money remitted by Non-Resident Indians (NRIs) to India. It is followed by Maharashtra.
According to Remit2India.com, the online money transfer portal for NRIs, Andhra Pradesh has excelled in many business projects, but is recognised the most for its excellence in the technology industry.
IT SECTOR TOPS
This explains as to why Andhra Pradesh receives the highest remittance in India as almost half of the NRIs who remit to India are from the Information Technology sector (IT), it said in a release here. While Andhra Pradesh received 22 per cent, Maharashtra got 15 per cent of the total remittances to India estimated to be about $23 billion.
Remit2India.com has the highest number of NRIs using its site to transfer money to their families in India. The average annual income of a remitter using their service is $50,000 - $100,000.
The main age group of remitters is 25-35 year old and 71 per cent of remittance is for family maintenance, followed by 9 per cent for gifting and 7 per cent for charity. 40 per cent of all remittance is done monthly followed by 32 per cent quarterly.
Research shows that India receives the highest remittance globally of $23 billion followed by China at $21 billion. The US and Saudi Arabia are the largest sources of workers remittances to developing countries.
Out of the $23 billion, that comes into India, an estimated $8-9 billion comes from the US, and the next highest is the Gulf. India accounts for over 20 per cent of remittances into developing countries. The Indian Diaspora is estimated to be around 20 million.
The global remittance market is becoming more organised due to rising immigration and the huge pressures faced by informal networks, such as the hawala/hundi.
Overseas remittance services are being replaced by online remittances.