Indian expats sent home moolah despite meltdown -Governance Now

Indian expats sent home moolah despite meltdown

Indians abroad remitted over Rs 2.3 lakh cr between April - Dec 2009

PTI | May 5, 2010

Notwithstanding the global financial meltdown, India received a whopping Rs 2.04 lakh crore remittances during April-December 2009.

The country had received around Rs 2.34 lakh crore remittances from the Indian expatriates in the financial year 2008-09.

Overseas Indian affairs minister Vayalar Ravi told Lok Sabha that the country received USD 40,810 million (around Rs 2,04,050 crore) during April to December 2009.

The remittances to India has been on the rise in the last few years and it has become one of the preferred destination of global remittance flow.

The minister said in 2006-07, the country had got USD 30,835 in remittances while the amount increased to USD 43,508 in 2007-08.

The Gulf region accounts for an average of 27 per cent of the total remittance inflows to India, with major source countries being the UAE and Saudi Arabia.

The Reserve Bank of India recently had said North America continues to be the most important source region of remittances to India despite its share in total remittances falling to 38 per cent from 44 per cent in 2006.

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