Last year, the approximately 20 million Non-Resident Indians (NRIs) remitted $69 bn to India. That is 3% of the GDP. This ensured the Current Account Deficit remained within the 2% range, as opposed to what should have been 5%. Per Capital Economics, a research group, remittances will further rise by 5-6% in future and the Current account deficit will remain within 2.5% of GDP.
Source: Economic times
