Welcome to SPN

Register and Join the most happening forum of Sikh community & intellectuals from around the world.

Sign Up Now!

Politics India No. 1 recipient of dollars from overseas workers

Discussion in 'Breaking News' started by Archived_Member16, Apr 5, 2010.

  1. Archived_Member16

    Archived_Member16
    Expand Collapse
    SPNer Contributor

    Joined:
    Jan 7, 2005
    Messages:
    3,451
    Likes Received:
    3,761
    source:
    http://www.theprovince.com/business/India+recipient+dollars+from+overseas+workers/2761979/story.html

    India No. 1 recipient of dollars

    from overseas workers



    Key source of finance during crisis times



    Agence France-Presse - April 4, 2010




    Remittances to India increased to $55 billion US in 2009, making the country the biggest recipient of money from overseas migrant workers, a report said Friday.

    India has been the world's top remittance earner for more than a decade and depends on the money transfers as a key source of finance along with foreign direct investment.

    The 2009 figure of $55.06 billion was up seven per cent from $51.6 billion in 2008, the Mumbai-based business daily Economic Times said, citing central bank data, and just $2 billion a year in the late 1980s.

    The increase in remittances came despite the financial crisis and global economic slowdown last year which had been expected to hit migrant labour.
    The central bank attributed the higher remittances to India being perceived as a relatively safe option during the financial crisis, a hike in interest rates on non-resident deposits and new investment products.

    China is second behind India in remittances, receiving $48 billion and Mexico is third with flows of $42.6 billion according to figures for 2008 compiled by the World Bank.

    The sharp increase in remittances to India began with the booming oil industry in the Persian Gulf in the 1980s, resulting in a migrant labour surge to the region.

    Later in the 1990s, the technology boom led to a sharp increase in information-technology professionals migrating to Europe and North America.

    Also, the central bank has steadily eased restrictions in the currency markets since 1991, almost eliminating the illegal "hawala" market for such remittances by Indians, especially from the Gulf market.

    Hawala is an informal system of money transfers under which money is moved around by agents who circumvent legal and financial barriers, primarily located in the Middle East, North Africa and South Asia.

    © Copyright (c) The Province
     
    • Like Like x 1
  2. Loading...

    Similar Threads Forum Date
    INDIANA888 Joins Sikh Philosophy Network! New SPN'ers Sep 26, 2016
    Sikh News How The Left & Indian Nationalists Distorted The History Of Sikh Gadhar Movement - Breaking News Sep 21, 2016
    Sikh News UK Sikh Harnaam Kaur Enters Guinness Records As Youngest Female With Beard - The Indian Express Breaking News Sep 9, 2016
    Unindian Theatre, Movies & Cinema Aug 21, 2016
    Sikh News Indian American Couple Donates For Sikh, Punjabi Culture Research In US Breaking News Aug 19, 2016

Share This Page