The Rise in Remittances to India: A Closer Look

India has clearly achieved a large sustained level of remittances. Policy initiatives by the government and banking institutions have achieved two significant results. First, most remittances flow thorough formal channels. Second, an increasing number of remitters have moved from being pure "savers" to "investors." The Indian policy regime has demonstrated its ability to attract NRI capital through NRI deposit accounts and successive bond issues. The challenge is to channel some of these flows for socioeconomic development. [For other articles in Migration Information Source, online journal of Migration Policy Institute, see http://www.migrationinformation.org ]