India Received $70 Billion from Emigrants, Leading Globally


 

BANGALORE: The new figures states that Indian Diaspora constitutes of 21 million Indians across 200 countries.

According to the figures revealed by the World Bank, India topped the list of countries accepting money from emigrant relatives. In 2014, the nation received $70 billion from Indians abroad, reports Business Standard.  

This money can buy four-bullet train corridors in India and even 67 coal blocks auction could not bring the same amount to neither the government nor the Indian companies collectively could earn the amount in 2014.

Conversely the rate of growth for the foreign currency witnessed a drop from 1.7 percent in 2013 to 0.6 percent in 2014. As per the World Bank, this drop might be due to the appreciation of the Indian currency compared to others.

The remittances received have grown by three times over the past decade. The chief source of inrush of money is just as always, The United Emirates ($12.63 billion) contributing 18 percent of the income. United States ($11.18 billion) and Saudi Arabia ($10.84 billion) adds 15.88 percent and 15.40 percent of the total $70 billion respectively.

The number of emigrants has exceeded the estimate of 232 million and is presently 247 million. The figure is approximated to beat 250 million by the end of 2015.

India and China collectively received remittances of $436 billion in 2014 which has gone up by 4 percent compared to 2013. However, the remittances have not been affected by the diminishing oil prices.

“The outlook, however, is uncertain,” said the World Bank report. “The substantial financial resources and long-term infrastructure development plans of the GCC countries imply that they will continue to demand migrant workers. However, remittance flows could decline if the oil price were to remain low for a few years.”

Indian diaspora in United States and Malaysia was found to be more than 2 million each while UAE and Saudi Arabia have about 1.75 and 1.78 million Indians respectively. In addition to this, countries like Yemen, Iraq, Zimbabwe, Israel and Zambia also have significant Indian population.

Read More: Bike Ambulances Equipped With Medical Kits Launched in Karnataka
Thousands Cheer India's Prime Minister Modi During Toronto Visit