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Indian migrants sent $70bn back as remittance alone in 2017! |
According to the World Bank, India recorded $69 billion
in remittance inflows in 2017, recording a 10% rise since 2016, equaling to an
amount of $4156 from each foreign national. With millions of Indians moving to
overseas destinations for settlement and work, India is experiencing a
heightened amount of in-flow of foreign exchange leading to positive economic
growth and development of the country.
The stark truth that Immigrant population has uplifted the remittance
inflow of India, can be deduced from the fact that 20 million global Indians
have send back a whopping USD 445 million to their families in 2016 alone,
according to ‘One Family at a Time' study by the UN International Fund for
Agricultural Development (IFAD).
Almost 80 percent of global remittances are majorly drawn by 23 countries led by
India, China, the Philippines, Mexico and Pakistan, making India a powerhouse in
terms of Remittance inflow. A large chunk of these remittances is put in to the
overall progress and advancement of the nation and hence, valuable contribution
of immigrants to India’s well being is undeniable.
A UN Report has found that as many as 8.9 million Indians have relocated to the
Gulf region led by UAE and Saudi Arabia. The foreign remittances act as a
financial glue to the budgetary deficit faced by the country on several
occasions. Also, it encourages large scale investment opportunities and the
chief source that fuels this phenomenon is Immigration of Indians to
international lands. Non-Residence Indians or NRIs not only send back a large
part of their earnings back to India but act as brand ambassadors to India,
representing India in the most positive light, thereby building
solid value and positive image for India in overseas countries. This slew of
foreign transfers not only builds the financial health of the nation but also
benefits the overall development of the society in terms of education,
healthcare and community growth.
An increased level of Foreign Direct Investment is one of the vital drivers of
financial fertility of India. This is backed by the fact that according to the
Ministry of Overseas Indian Affairs (MOIA), it is estimated that close to 25
million NRIs contribute to the Indian remittance pool. In majority of the
instances these remittances act as a catalyst for the financial deficit the
country faces at several points of time. There has been a finding that 4.5% of
the domestic households receive a regular remittance for the maintenance of
housing with states such as Kerala, Karnataka, Punjab, Andhra Pradesh etc. being
frontrunners of the same. Since the cost of sending back money to India is quite
lesser compared to other countries, there is a higher frequency of money
transfer via multiple means.
Foreign remittance has brought about an Economic, social and financial
revolution for India, making us a leading recipient in terms of getting
Remittance. For this to happen, offshore Immigration consultants facilitate the
process of Immigration for Indian immigrants, making it easier for them to take
the huge leap of moving to another foreign location. It is the right direction,
helpful advice and accurate documentation provided by expert visa consultants
that ensure the eligibility of the immigrant when they apply for Permanent
Residence in developed countries such as Canada, Australia,
USA, UK, Hong Kong etc
TAGS:
Indian migrants,
Indian foreign exchange,
remittance inflows to India,
Indian foreign exchange earnings,
NRI,
Foreign direct investment,
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