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    Survey On Remittances

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    thenmozhi thenmozhi
    1) Advanced economies like the US, UK, and Singapore surpassed the Gulf region as the top source countries for remittances to India in 2020-21, accounting for 36% of remittances compared to over 50% from the Gulf previously. 2) Maharashtra replaced Kerala as the top recipient state of remittances in India, receiving about 35% of total remittances compared to Kerala's 10%. 3) Higher wage jobs and an increasing number of skilled migrant workers from states like Maharashtra and Delhi to advanced countries contributed to the shift in remittance trends, while remittances from traditional labor states to the Gulf declined.

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    Survey On Remittances

    Uploaded by

    thenmozhi thenmozhi
    13 views1 page
    1) Advanced economies like the US, UK, and Singapore surpassed the Gulf region as the top source countries for remittances to India in 2020-21, accounting for 36% of remittances compared to over 50% from the Gulf previously. 2) Maharashtra replaced Kerala as the top recipient state of remittances in India, receiving about 35% of total remittances compared to Kerala's 10%. 3) Higher wage jobs and an increasing number of skilled migrant workers from states like Maharashtra and Delhi to advanced countries contributed to the shift in remittance trends, while remittances from traditional labor states to the Gulf declined.

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    Survey on Remittances

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    1) Advanced economies like the US, UK, and Singapore surpassed the Gulf region as the top source countries for remittances to India in 2020-21, accounting for 36% of remittances compared to over 50% from the Gulf previously. 2) Maharashtra replaced Kerala as the top recipient state of remittances in India, receiving about 35% of total remittances compared to Kerala's 10%. 3) Higher wage jobs and an increasing number of skilled migrant workers from states like Maharashtra and Delhi to advanced countries contributed to the shift in remittance trends, while remittances from traditional labor states to the Gulf declined.

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    © All Rights Reserved
    Download as PDF, TXT or read online from Scribd
    Download as pdf or txt
    13 views1 page

    Survey On Remittances

    Uploaded by

    thenmozhi thenmozhi
    1) Advanced economies like the US, UK, and Singapore surpassed the Gulf region as the top source countries for remittances to India in 2020-21, accounting for 36% of remittances compared to over 50% from the Gulf previously. 2) Maharashtra replaced Kerala as the top recipient state of remittances in India, receiving about 35% of total remittances compared to Kerala's 10%. 3) Higher wage jobs and an increasing number of skilled migrant workers from states like Maharashtra and Delhi to advanced countries contributed to the shift in remittance trends, while remittances from traditional labor states to the Gulf declined.

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    Remittances from advanced nations

    beat flows from Gulf region in FY21


    Maharashtra in rupee (INR), saw a sharp spike
    in the consecutive waves of the
    displaces Kerala pandemic, according to the art-
    as the top icle. For example, NRI deposits
    rose by $7.826 billion in April-
    recipient State December 2020 against $5.862
    billion in the year-ago period.
    OUR BUREAU Apart from favourable yields,
    Mumbai, July 17 deposits in the NRE accounts in-
    In what is seen as a shift of work- creased significantly during
    ers to the West, Advanced Eco- this period as returning over-
    nomies (AEs) — particularly the seas migrants, amidst lay-offs
    US, the UK and Singapore — and heightened uncertainty re-
    emerged as key source coun- garding their return and future
    tries for remittances pipping The US surpassed the UAE as the top source country, accounting for employment prospects, repatri-
    the Gulf Cooperation Council 23 per cent of total remittances in 2020-21 ated their savings into these
    region (GCC). accounts.
    The share of the GCC region share of the traditional recipi- proved emigration clearances While overseas remittances
    in India’s inward remittances is ent States of Kerala, Tamil Nadu for the GCC region in 2020 was for family maintenance, repres-
    estimated to have declined and Karnataka, which had a for these States. With the dom- enting a chunk of India’s in-
    from more than 50 per cent in strong presence in the GCC re- inance of low-wage unskilled la- bound remittances, moderated
    2016- 17 to about 30 per cent in gion, almost halved in 2020-21, bourers, however, their share in with the loss of overseas em-
    2020-21, according to the Re- accounting for only 25 per cent remittance has remained signi- ployment opportunities, local
    serve Bank of India’s fifth round of the total remittances since ficantly low; while the share of withdrawals from non-resident
    of Survey on Remittances. In 2016-17. Maharashtra emerged Maharashtra and Delhi has in- rupee-denominated deposit ac-
    contrast, AEs accounted for a 36 the top recipient State (with creased significantly in 2020-21 counts increased implying the
    per cent share in 2020-21, as per about 35 per cent of the total to about 35 per cent (from about drawdown of savings to tide
    the findings of the Survey (for share) surpassing Kerala (about 17 per cent in 2016-17) and about over the crisis, the authors said.
    2020-21 reference period) pub- 10 per cent). 8 per cent (from about 6 per India remained the top recip-
    lished in the RBI’s latest The RBI officials assessed that cent), respectively, according to ient country (with $89.4 billion
    monthly bulletin. The US sur- apart from the host country dy- the article. inward remittances), account-
    passed the UAE as the top source namics, reducing wage differ- This was despite Maha- ing for 12 per cent of total global
    country, accounting for 23 per entials, changing occupational rashtra’s remittances dipping remittances, recording a mar-
    cent of total remittances in patterns in these States with in- almost 13 per cent in 2020-21 ginal decline of 0.2 per cent in
    2020-21. creasing white-collar migrant with the largest number of 2020 and a growth of 8 per cent
    This corroborates with the workers to the GCC region and Covid-19 cases and prolonged in 2021.
    World Bank report (2021) citing entry of low-wage semi-skilled lockdown.
    the economic recovery in the US workers from other States and Bank group-wise share
    as one of the important drivers Asian countries may have led to NRI deposits The impact of the slowdown in
    of remittances into India, ac- this compositional shift. While NRI deposits are empiric- remittances has been quite di-
    counting for almost 20 per cent By contrast, migration from ally found to be driven by the ex- verse across banks. In 2020-21,
    of total inflows, said RBI officials Uttar Pradesh, Bihar, Orissa, and change rate and interest differ- the share of private banks in
    Soumasree Tewari and Ranjeeta West Bengal to the Gulf coun- entials, the trend in NRE overall remittances stood at
    Mishra in an article ‘Headwinds tries has increased in recent (Non-Resident External) ac- 52.8 per cent followed by public
    of Covid-19 and India’s inward years. According to the Ministry count, which is typically used sector banks and foreign banks
    remittances’. of External Affairs data, more for parking income from at 39.4 per cent and 7.8 per cent,
    The officials noted that the than 50 per cent of the ap- abroad by non-resident Indians respectively.

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