The steep fall in global oil prices has hit Gulf economies severely. Saudi Arabia, United Arab Emirates (UAE), Qatar, Bahrain are expected to run huge budget deficits as shrinking revenues from selling cheaper oil cannot fund their mounting expenditures. As they tighten their belts, the brunt of adjustment will be felt by migrants, who constitute the bulk of the labour force.Read more
While stressing its pre-eminence in the industrial scenario of the country, Gujarat is planning to tap into the massive Gujarati diaspora by starting five “foreign desks” abroad to attract investments from the community.Incidentally, both Gujarat and Maharashtra, which are BJP-ruled states, claim that they have attracted the highest investment in the country.Read more
Official figures issued as part of the annual report of the World Bank revealed that Kuwait occupied third place among countries in the Gulf and came 7th globally in terms of remittance to different countries worldwide, reports Al-Rai Daily.Read more
The sharp jump in outward remittance of funds by individuals under the liberalised remittance scheme (LRS) continued for the third straight month and hit a new high of $457.5 million in September 2015, taking the outflow in the first six months of this financial year to $1.63 billion, which is significantly higher than the total outward remittance of $1.32 billion in the whole of financial year 2014-15.Read more
Over $300 million was sent as outward remittance in just five months (April-August 2015)
India, the world’s largest remittance recipient, is also witnessing a sharp rise in outward flows linked to ‘studies abroad’ at a time the foreign education fad has picked up pace.
Indians working abroad continue to send more money home than their counterparts from other countries.
In 2012, India topped the list with $70bn (£824m) of remittance inflows, followed by China ($66bn), the Philippines and Mexico ($24bn each), Nigeria ($21bn), according to the latest World Bank figures on migration and remittances.
Indians working abroad sent back home $70 billion in the year 2013, as per a latest report released by the World Bank.
This makes India top the list in terms of global remittances.
World banks hopes that $436 billion will be sent back home in the year 2014 by international migrants belonging to emerging nations.
India will receive record $70 billion remittances in the year 2012, topping the list of developing countries which are expected to receive a total of $406 billion this year, the World Bank has said.Read more