The flow of NRI funds witnessed a substantial increase of about 40 per cent in the year 2003-04 against the previous financial year, reflecting the positive outcome of the government's policies towards attracting investment by Indians living abroad.
Altogether $26.47 billion were pumped in by non-resident Indians in the year, up from $19.37 billion in 2002-03, an official spokesman said in New Delhi on Wednesday.
Private transfers constituted the major portion of the share as $22.83 billion were sent to India in 2003-04, he said. In contrast, only $16.39 billion were received in India in 2002-03 in this segment.
The amount deposited in NRI accounts of commercial banks recorded an increase from $2.98 billion in 2002-03 to $3.64 billion in the succeeding year.
In totality, the NRI flow has increased from $79.73 billion to $92.96 billion in five years from 1999, the spokesman said.