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Remittances to India hit US$66.13b

September 8, 2012

NEW DELHI: Indians working out of the country sent back US$66.13 billion during the fiscal year ended March 2012, an 18.9% jump from US$55.62 billion in 2010/2011.

Remittances by non-resident Indians during the last three years had been on the increase, said Minister of Overseas Indian Affairs, Vayalar Ravi.

In 2010/2011 the remittances stood at US$53.64 billion, he said in a written reply to the Lower House of Parliament.

According to a study conducted by the Reserves Bank of India, remittances made by overseas Indians from the Gulf countries accounted for an average of 27% of the total remittance inflows to India during the first half of 2009-10.

Besides Middle East, Malaysia is one of the top favourite destinations for Indian job-seekers due to its close proximity as well as strong bilateral ties.

There are about 150,000 legally-recruited Indian workers in Malaysia, both in the skilled and semi-skilled segments, mainly in the services sector.

There are also about 10,000 professional expatriates in the information technology, manufacturing and banking sectors.

- Bernama


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