Indian migrants sent $70bn back as remittance alone in 2017!
| ByAjay Sharma, President, Abhinav Outsourcings Pvt. Ltd
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.