Remittances slip |
Global economic slow down and turmoil has led to a decline in remittances, money sent from Indians working abroad, in 2015, an estimate by the World Bank indicates.Although India still continues to be the topmost remittance receiving country , the flow was $68.9 billion in 2015, a dip of about $1.5 billion over 2014.This is the first time since the global financial crisis of 2008-09 that remittances have gone down. Falling oil prices, sluggish growth in the United States, slowing economies in Europe and adverse currency exchange rates have contributed to this decline India gets remittances from all over the world but the bulk comes from the oil producing Gulf countries, US and also Europe. The effect of oil glut and resultant downswing of economies in the Gulf countries has had some delayed impact on remittances.The effect of global economic turmoil was becoming evident in remittance flows to India since 2013 when yearly growth plummeted to just 1.7% over 2012. In 2014, inflows increased by just 0.6% . The last time remittances had declined was in 2009.
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