------------------------------------------------------------------------ August 25, 2009 - Goanet's 15th Anniversary
------------------------------------------------------------------------ I. Nunes responds to mmendonz...@gmail.com: The Indian diaspora is upwards of 20 million. [World Bank estimates US$ 52 billion in remittances to India for 2008.This excludes gold and gems.] Intuitively it would appear that Indians working in the Gulf countries would tend to remit more as they will always be gastarbeiters or guest workers, never attaining full citizenship irrespective of their tenure. Whereas Indians in the Western countries would be more likely to emigrate with their families, obviating the need for most remittances. Not quite so. Just to put matters in the correct perspective - the Reserve Bank of India perspective: In the last RBI study (2006) of remittances by NRIs with breakdown by source country found: N. America accounted for 44%, Gulf Countries 24% Europe 13% East Asia 8% S. America 6% Africa 2% other 3% Reported in RBI Bulletin: http://rbidocs.rbi.org.in/rdocs/Bulletin/PDFs/74250.pdf These additional reported facts might interest you: 1. The Hindu Business section at http://www.thehindubusinessline.com/2006/08/09/stories/2006080905091900.htm reported: a. AP received the highest NRI remittances, with Maharastra second in 2006. b. The US and Saudi Arabia were the largest sources of workers' remittances to developing countries. [Not just in India] 2. Rediff.com/money in their September 05, 2007 article: NRI remittance: How it is invested reported " About 13 per cent of the funds remitted by Non-Resident Indians (NRIs) in 2006 were invested in equity and real estate. While 20 per cent of the funds are parked in bank deposits, 54 per cent of remittances are used to meet family expenses, according to a Reserve Bank of India". best, I. Nunes. --- On Thu, 8/20/09, Marshall Mendonza <mmendonz...@gmail.com> wrote: From: Marshall Mendonza <mmendonz...@gmail.com> Subject: [Goanet] How the NRI has fallen from grace To: "goanet" <goanet@lists.goanet.org> Date: Thursday, August 20, 2009, 11:19 AM lyrawmn : Do you think Mr. Swapan Dasgupta is aware that NRIs remitted US $24.6 billion in 2005-6 and US$ 43.5 billion 2007-8 according to the Reserve Bank of India? [Reported by?the Financial Express in India.]This is estimated to be about 3% India's GDP. Response: Just to put matters in proper perspective. The bulk of foreign remittances come from Indians working in the Gulf and not from those settled in USA or the West. Regards, Marshall