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Indian diaspora tops remittance list MUMBAI: Just how much do the 27 million global desis, scattered across 190 countries around the world, contribute to the Indian economy? World Bank figures show a dramatic increase of almost 162% in the remittance that India receives from overseas Indians over the last eight years. While India received nearly $21 billion from overseas Indians in 2003, the figure jumped to $55 billion in 2010. India received the highest remittance in 2010 compared with any other country in the world, said Dr Alwyn Didar Singh, secretary, ministry of overseas affairs during a discussion on the Indian diaspora organised by the global think tank Gateway House. World Bank data also points to the fact that India receives the highest remittance, followed by China ($51 billion) and Mexico ($22.6 billion), Philippines ($21.3 billion) and France ($15.9 billion). Though there was a slight dip in remittance from 2008 to 2009, it bounced back in 2010 to a level higher than in 2008. Kerala and Punjab are currently among the states which receive the highest remittance from overseas residents. Didar Singh believes the increase in remittances has much to do with a great degree of faith in the Indian banking system, coupled with a lack of faith in US banks. Remittance may be in a number of forms, such as domestic consumption, property, health and education. This is real money that is very much a part of the local economy, and is not money that is simply parked in a bank, he adds. Back |
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