Page 22 - 7X PR REPORT AUGUST 2024

8/19/24, 1:37 PM UAE-India remittance boom continues | Gn Focus – Gulf News
Survey suggests that remittances to India are projected to grow by 4 per cent in 2025,

helping drive the country’s economic growth further.

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“Remittances have been one of the most vital components of India’s growth machine.

India is the world’s leading recipient of cross-border payments, according to both the

2024 World Migration Report and the World Bank’s latest Migration and Development

brief. The 2023-24 Economic Survey released by the government of India projected

inflow of cross border payments to grow to $124 billion in 2024 and to $129 billion in
2025. These funds play a vital role in supporting families, fuelling local businesses, and

driving economic growth across the nation,” says Thampi Sudarsanan, CEO, LuLu

Exchange.

Whilst these remittances that contribute to India’s GDP come

from across the globe, the UAE and other nations within the

GCC count for a large percentage.

Thampi Sudarsanan, CEO,
LuLu Exchange
“The UAE, the leading source of remittances to India, contributed 18 per cent of the

total inflow, amounting to $21.6 billion in 2023. It will continue to be a major driver of
remittance growth, alongside the US and other GCC countries,” says Ali Al Najjar, COO

of Al Ansari Exchange.

With positive framework and agreements in place, which
includes India’s Unified Payments Interface (UPI), the outlook

for the future is bullish.

Ali Al Najjar, COO of Al
Ansari Exchange

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