Remittances from advanced nations beat flows from Gulf region in FY21

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Subject: Economy

Section: External Sector

Maharashtra displaces Kerala as the top recipient State
In what is seen as a shift of workers to the West, Advanced Economies (AEs) — particularly the US, the UK and Singapore — emerged as key source countries for remittances pipping the Gulf Cooperation Council region (GCC).
The share of the GCC region in India’s inward remittances is estimated to have declined from more than 50 per cent in 2016- 17 to about 30 per cent in 2020-21, according to the Reserve Bank of India’s fifth round of Survey on Remittances.
The US surpassed the UAE as the top source country, accounting for 23 per cent of total remittances in 2020-2
Non-Resident External (NRE) account
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Non-Resident Ordinary (NRO) account
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Foreign Currency Non-Resident (FCNR) accounts
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Gulf Cooperation Council (GCC)

It is a political and economic alliance of six countries in the Arabian Peninsula: Bahrain, Kuwait, Oman, Qatar, Saudi Arabia and the United Arab Emirates.
Established in 1981, the GCC promotes economic, security, cultural and social cooperation between the six states and holds a summit every year to discuss cooperation and regional affairs.