Money transferred to India primarily by citizens working overseas increased substantially during the April–June quarter of the 2026–27 financial year.
Reserve Bank of India data showed private transfer receipts at US$42.9 billion, compared with a revised US$33.2 billion during the corresponding quarter a year earlier. The increase of US$9.7 billion amounts to approximately 29.2%.
These transfers, which largely consist of remittances from overseas Indians, provided an important source of foreign currency as India’s current-account deficit widened to US$4.2 billion, or 0.5% of gross domestic product. The deficit was US$3.4 billion, or 0.4% of GDP, during the same period last year.
India’s merchandise-trade deficit also increased to US$86.1 billion from US$68.9 billion. Strong remittances and NRI foreign-currency deposits are therefore playing a significant role in supporting the country’s external finances.
