Remittances to India in Apr-Dec 2009 held firm at Rs2.04 lakh crore
05 May 2010
The global financial meltdown notwithstanding, India received a huge amount of Rs2.04 lakh crore in remittances in the period April-December 2009. This was only marginally below the Rs2.34 lakh crore figure that Indian expatriates sent home in the financial year 2008-09.
Overseas Indian affairs minister Vayalar Ravi informed the Lok Sabha that the country received $40,810 million (around Rs2,04,050 crore) in the period April-December 2009.
According to the minister remittances to India have been on the rise over the past few years as it became one of the preferred destinations for global flows of capital.
Minister Ravi said that country received $30,835 million in remittances in 2006-07, and the total increased to $43,508 million in the period 2007-08.
The Gulf region accounted for an average of 27% of the total remittance inflows into India, with major source countries being the UAE and Saudi Arabia.
According to Reserve Bank of India figures North America continued to be the most important source of remittances to India despite its share in total remittances falling to 38% from 44% in 2006.