Overseas Indians Send Record $29 Billion in Remittances in Q3, Helping Narrow India's Current Account Deficit

Overseas Indians sent a record $29 billion in remittances in Q3 2023, the highest ever for a single quarter
Remittances help narrow India's current account deficit (CAD) which has shrunk as a percentage of GDP
The US accounts for 23% of remittances, while flows from Gulf region declined post-pandemic
Remittances may be higher due to good global business, year-end bonuses paid in December
Besides services exports, higher remittances also helped rein in CAD to 1.2% of GDP in Q3 2023 from 2% last year