Sunday, March 30, 2008

Migrant worker remittances amount to around 3% of India's GDP - recent analysis by World Bank economist Dilip Ratha

Remittance revolution:

India is now considered the biggest beneficiary of the remittance revolution. With more than 10 million workers worldwide, many of them high-skilled guest workers in the West, India's annual remittance is said to have crossed $27 billion in 2007.

It's good money:

But it's not just the money flow that's important, Ratha says. Having someone who is doing well abroad brings confidence and inspires families. Unlike foreign aid, it cannot be skimmed by politicians and middlemen; money goes directly to the beneficiaries. Besides, unlike 'hot money' from foreign investors and NRIs, which flees in an economic crisis, migrant worker inflows increase in times of emergency, as it did after the nuclear tests.
Migrant moolah--Chidanand Rajghatta--The Times of India

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