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Thu 25 Nov 2010 09:37 AM

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Indian expats do their home country proud

Remittances to India from expats so far in 2010 total $55bn, data shows

Indian expats do their home country proud
BIGGEST RECEIVER: India has topped the list of countries receiving remittances from nationals working overseas

Click here to view the first ever Arabian Business India Power List

No other country received so much from its nationals working overseas this year. China received some $51bn. Other leading recipient countries include Mexico, the Philippines, France, Germany and Bangladesh.

The World Bank data shows remittances to developing countries are expected to reach $325 billion in 2010, up from $307 billion last year. Worldwide, remittances are projected to reach $440 billion by the end of the year.

The top remittances sending countries in 2009 were the US, Saudi Arabia, Switzerland, Russia and Germany. There are recipient countries where the share of remittances in GDP is more than 25 per cent with Tajikistan topping the list with 35 per cent, followed by Tonga (28 per cent) and Lesotho (25 per cent).

The Gulf region accounts for an average of 27 per cent of the total remittance inflows to India, with major source countries being the UAE and Saudi Arabia.

 

Year

Remittances

(US$ billions)

 

1990–1991

2.1

 

1995–1996

8.5

 

1999–2000

12.07

 

2000–2001

12.85

 

2001–2002

15.4

 

2002–2003

16.39

 

2003–2004

21.61

 

2004–2005

20.25

 

2005–2006

24.55 (P)

 

2006–2007

29.10

 

2007–2008

37.2

 

2008–2009

51.6

 

2009–2010

55.06

 

Mohamed 8 years ago

So in 2010, Indians in the Gulf remitted 15 billion $ to India. All expatriates should invest at least half of their earnings in National Bonds or oter Govt. instruments to improve the cash flow for the UAE Govt. to pay off it's debts. The Govt. should give more incentives and security for those expatriates who invest in National Bonds etc. Any money invested in UAE by an expatriate should also go to the legal heirs/family in case of the death or total disability of that expatriate, irrespective of his loans or creditors.

expat 8 years ago

What a joke! Invest in national bonds to help the govt. The govt. is strong and rich enough to help itself. We expats are here to earn money and use have a better living back home.