The NRI Stim­u­lus

India Today - - UPFRONT -

Non-res­i­dent In­di­ans have long bol­stered the In­dian econ­omy by send­ing money home. Remit­tances ac­counted for about 2.8 per cent of In­dia’s GDP last year. The World Bank’s an­nual ‘Mi­gra­tion and Devel­op­ment Brief’ ear­lier this month re­ported that for “the first time in re­cent his­tory, re­mit­tance flows to de­vel­op­ing coun­tries reg­is­tered a de­cline for two suc­ces­sive years”. In­dia, the world’s largest re­ceiver of monies from cit­i­zens and im­mi­grants abroad, reg­is­tered a nearly 9 per cent slow­down. Much of the rea­son is at­trib­uted to weak growth and low oil prices, which have had a calm­ing ef­fect on the Gulf economies, home to so many In­dian work­ers. The good news is remit­tances are ex­pected to bounce back in 2017, up 3.3 per cent to $444 bil­lion.

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