Gandhinagar: Non-Resident Indians (NRIs) in Gujarat sent less money back home during the financial year 2023-24 due to economic challenges in Western countries, including America and Britain. According to the latest State Level Bankers Committee (SLBC) report, NRI deposits in Gujarat have risen to Rs 92,339.75 crore from Rs 91,923.69 crore in 2022-23, reflecting an increase of Rs 416 crore.

Among the 33 districts in Gujarat, deposits decreased in seven districts, notably in Ahmedabad, Gandhinagar, Valsad, Bharuch, Dahod, Tapi, and Chhota Udepur. Gandhinagar saw the largest decline of Rs 1550 crore. Ahmedabad and Bharuch also experienced decreases of over Rs 100 crore each.

Conversely, Vadodara witnessed the highest increase in NRI deposits with a rise of Rs 713 crore, followed by Anand (Rs 373 crore), Surat (Rs 274 crore), and Rajkot (Rs 252 crore) during the same period.

The top five districts with the highest NRI deposits in 2023-24 are Ahmedabad with Rs 20,464 crores, Kutch with Rs 14,863 crores, Vadodara with Rs 14,629 crores, Anand with Rs 8,181 crores, and Rajkot with Rs 7,305 crores.

Navsari saw a minor increase of Rs 0.14 crores, whereas Devbhumi Dwarka, Panchmahal, Morbi, Patan, and Banaskantha experienced minor increases ranging from around Rs 2 to 5 crores each. On the other hand, Valsad saw a minor decrease of Rs 13.77 crore, followed by Dahod with Rs 7.52 crore, Tapi with Rs 7.68 crore, and Chhota Udepur with Rs 2.81 crore.

Bankers say changes in NRI deposits are due to economic uncertainties and tensions in Western countries. These issues affect how much money NRIs send home. Despite these challenges, NRIs increased their remittances by 2-5%.

NRIs are careful with their money because interest rates abroad are higher, about 5-6%. This is more than in India. Other places like Britain, Dubai, and African countries also offer good returns. These factors affect how much money NRIs put into the banks of Gujarat. DeshGujarat