Answer: Option B - Advanced Economies (AEs) like the US, UK, Canada, and Australia
Explanation:
- According to the RBI’s Remittances Survey 2023–24, advanced economies (AEs) like the US, UK, Canada, and Australia contributed over 50% of India’s total remittances, overtaking the Gulf region.
- This shift is due to the growing population of skilled Indian professionals in AEs, higher wages, and stronger currencies.
- In contrast, remittances from Gulf countries declined due to job losses, economic slowdown, and local worker prioritization policies like Saudization.
Answer: Option B - Advanced Economies (AEs) like the US, UK, Canada, and Australia
Explanation:
- According to the RBI’s Remittances Survey 2023–24, advanced economies (AEs) like the US, UK, Canada, and Australia contributed over 50% of India’s total remittances, overtaking the Gulf region.
- This shift is due to the growing population of skilled Indian professionals in AEs, higher wages, and stronger currencies.
- In contrast, remittances from Gulf countries declined due to job losses, economic slowdown, and local worker prioritization policies like Saudization.