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NRIs send more than software makes
By siliconindia
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Wednesday, 14 January 2004, 20:30 IST
MUMBAI: Persons of Indian origin working abroad are the most generous in the world, when it comes to sending money back to their family in India. Remittances to India are the highest in the world today, amounting to 15 per cent of the world total, reports Economic Times, an Indian daily.
The money coming back to India is seven times that of China, according to data collated by ETIG from records of various central banks. For the period January to September 2003, money sent back to India amounted to $13.3 billion, well above remittances to Mexico and Philippines.
While Mexico's receipts came to about $10 billion over the period, Philippines received $4 billion (over the January to July period). China on the other hand received remittances worth only $ 1.9 billion over the period.
This has been made possible by both the large number as many as 20 million of professionals of Indian origin working abroad, as well as the high average amount sent back by Indians.
The average Indian remittance from the US , the highest sending country in the world, is also the highest among all other countries. Average Indian remittances were $1,104 for the period January to December 2002, which is 38 per cent higher than the average remittance sent to Pakistan of $790, the next highest.
(Source: ET)