Indians abroad send $27 Bn home to make India top receiver

ISN · Mar 20th, 2008, 23:57

Indians abroad send $27 Bn home to make India top receiver

Washington: An estimated 5.7 million Indian workers abroad sent home $27 billion in 2007 to make India the top receiver of migrant remittances while the U.S. was the main remittance source, according to latest World Bank data.

Workers from China ($25.7 billion), Mexico ($25 billion), the Philippines ($17 billion), and France ($12.5 billion) made up the rest of top five, the bank's new Migration and Remittances Factbook 2008 released here Wednesday said.

Full Story http://www.siliconindia.com/shownews/40548

tonylittle · Mar 21st, 2008, 00:08

Can they send some to me ?

Thank you Tony

Indojingai · Mar 21st, 2008, 00:25

Quote:

Originally Posted by ISN

Indians abroad send $27 Bn home to make India top receiver

Riiiight... no-one here has a clue to what the places from where the $, £, € etc.. remittance is being made are thinking...?

pan_nv · Mar 21st, 2008, 00:36

I just need about 0.05% of that money send and I he bappy.

Thanks

Nick-H · Mar 21st, 2008, 01:18

I bet the recipients wished it had been Euros!

Munivar · Mar 21st, 2008, 02:00

I bet the senders wished that too

I look at exchange rates with

and then I

and

At least the strengthening rupee will help the economy with lesser oil bills and cut down inflation (that's what I read...dunno how it all works out)

shashank.aggarwal · Mar 21st, 2008, 13:43

$ 27 billion...sounds like a small figure for a country as big as India...lets seen when they cross $100 B

Munivar · Mar 21st, 2008, 23:53

^ Not going to happen with current trends. With strengthening rupee, Indian IT co.s will be forced to look into developing domestic markets and the R2I (return to India) crowd will only increase.

Besides a remittance economy is not a good thing in the long run. I don't think you understand the implications of what you said.

shashank.aggarwal · Mar 22nd, 2008, 00:08

Quote:

Originally Posted by Munivar

Besides a remittance economy is not a good thing in the long run. I don't think you understand the implications of what you said.

Infact I do not..

but I know that this percentage would always be very low ...

puchoo · Mar 22nd, 2008, 00:41

The model has an inherent fault whereby there is a loss of human capital and with people leaving and going away for work economic development gets hit.....

If you look at it from Washington's point of view...there 27 billion dollars floating around which will never find its way into the US economy...it all comes to India (a foreign country from their perspective..), and thus does not contribute there as well..

Munivar · Mar 22nd, 2008, 06:04

^not entirely true. The remittance money used to go towards family maintenance which were spent on commodities and consumables locally produced.

Nowadays, it is more into investment and luxury items some of which comes back to the US in the form of buying US products. Money market is increasingly globally linked that the saying "rising tide lifts all boats" includes countries even geographically far apart but monetarily linked.

puchoo - the world needs the dollars to buy oil. Even since OPEC decided to switch to USD as the sole currency to buy oil from....it is like the US having the license to print as many dollars as they want without worrying about inflation. With rising oil prices, other countries use their dollar reserves to buy oil and the OPEC countries, having nowhere else to go, invest these dollars in the US economy.

Its a neat scam actually.

Qosmos · Mar 25th, 2008, 17:38

Expect figures to go down in the coming years with the weakening dollar and Indian expats returning home.

ISN · Mar 25th, 2008, 21:09

Quote:

Originally Posted by Munivar

Besides a remittance economy is not a good thing in the long run. I don't think you understand the implications of what you said.

That might be true for other economies but for India it works because we have enough people who can take the place for anyone who leaves, and I think IT industry would not have grown so fast if Indians did not move abroad and showcase their talent. Your statement will be true if remittance was from unskilled workers like Mexicans in USA.

ISN · Mar 26th, 2008, 02:25

Quote:

Originally Posted by puchoo

If you look at it from Washington's point of view...there 27 billion dollars floating around which will never find its way into the US economy...it all comes to India (a foreign country from their perspective..), and thus does not contribute there as well..

When compared to the contributions made by Indian American to the American economy $27 Billion is just a fraction. INDIAN-AMERICANS: VITAL STATISTICS - 2007

Munivar · Mar 26th, 2008, 02:57

Exactly. What is being remitted now is not a big deal when its taken per capita. But getting $100B would make India a remittance economy which comes with its own problems of reliance on US economy, being tied to the dollars fate etc.

Indian companies should focus on developing and profiting off domestic market...this would employ more Indians in a way that prevents runaway iniquity unlike a situation where a few rich earning in dollars. The Rupee has to be strengthened...only then can the poor survive.

Mar 20th, 2008, 23:57	#1
ISN Maha Guru Member Join Date: Jul 2006 Location: Minnesota, USA / Chennai, India Posts: 515	Indians abroad send $27 Bn home to make India top receiver Indians abroad send $27 Bn home to make India top receiver Washington: An estimated 5.7 million Indian workers abroad sent home $27 billion in 2007 to make India the top receiver of migrant remittances while the U.S. was the main remittance source, according to latest World Bank data. Workers from China ($25.7 billion), Mexico ($25 billion), the Philippines ($17 billion), and France ($12.5 billion) made up the rest of top five, the bank's new Migration and Remittances Factbook 2008 released here Wednesday said. Full Story http://www.siliconindia.com/shownews/40548 __________________ ----------------------------------------------------- Indian Students Network http://www.IndianStudentsNetwork.com

Mar 21st, 2008, 01:18	#5
Nick-H Loud-mouthed, Noisy Bird Join Date: Oct 2004 Location: Chennai, India Posts: 27,763	I bet the recipients wished it had been Euros! __________________ . Just one member of the IndiaMike Mod Team

Mar 21st, 2008, 02:00	#6
Munivar Senior Member Join Date: Feb 2008 Location: Seattle Posts: 259	I bet the senders wished that too I look at exchange rates with and then I and At least the strengthening rupee will help the economy with lesser oil bills and cut down inflation (that's what I read...dunno how it all works out) __________________ Yaadhum Oore Yaavarum Kaelir !!!

Mar 21st, 2008, 13:43	#7
shashank.aggarwal Mr. Badboy :D Join Date: May 2007 Location: ~ Dilli ~ Posts: 5,779	$ 27 billion...sounds like a small figure for a country as big as India...lets seen when they cross $100 B __________________ Travelogue - Around India Random Reviews

Mar 22nd, 2008, 00:41	#10
puchoo Forum Leader Join Date: Nov 2006 Location: New Delhi & Himachal Pradesh (Shimla) Posts: 4,142	The model has an inherent fault whereby there is a loss of human capital and with people leaving and going away for work economic development gets hit..... If you look at it from Washington's point of view...there 27 billion dollars floating around which will never find its way into the US economy...it all comes to India (a foreign country from their perspective..), and thus does not contribute there as well.. __________________ Cheers! Sidharth Indiamike Mod team............the new kid on the block! puchoo.wordpress.com

Mar 21st, 2008, 00:08	#2
tonylittle Da Da Gee Join Date: Sep 2001 Location: ross on wye england Posts: 314	Can they send some to me ? Thank you Tony

Mar 21st, 2008, 00:36	#4
pan_nv Member Join Date: Dec 2006 Location: sin city Posts: 79	I just need about 0.05% of that money send and I he bappy. Thanks

Mar 21st, 2008, 23:53	#8
Munivar Senior Member Join Date: Feb 2008 Location: Seattle Posts: 259	^ Not going to happen with current trends. With strengthening rupee, Indian IT co.s will be forced to look into developing domestic markets and the R2I (return to India) crowd will only increase. Besides a remittance economy is not a good thing in the long run. I don't think you understand the implications of what you said.

Mar 22nd, 2008, 06:04	#11
Munivar Senior Member Join Date: Feb 2008 Location: Seattle Posts: 259	^not entirely true. The remittance money used to go towards family maintenance which were spent on commodities and consumables locally produced. Nowadays, it is more into investment and luxury items some of which comes back to the US in the form of buying US products. Money market is increasingly globally linked that the saying "rising tide lifts all boats" includes countries even geographically far apart but monetarily linked. puchoo - the world needs the dollars to buy oil. Even since OPEC decided to switch to USD as the sole currency to buy oil from....it is like the US having the license to print as many dollars as they want without worrying about inflation. With rising oil prices, other countries use their dollar reserves to buy oil and the OPEC countries, having nowhere else to go, invest these dollars in the US economy. Its a neat scam actually.

Mar 25th, 2008, 17:38	#12
Qosmos Member Join Date: May 2007 Location: Emirates Posts: 47	Expect figures to go down in the coming years with the weakening dollar and Indian expats returning home. __________________ "One's destination is never a place but rather a new way of looking at things." (Henry Miller)

Mar 26th, 2008, 02:57	#15
Munivar Senior Member Join Date: Feb 2008 Location: Seattle Posts: 259	Exactly. What is being remitted now is not a big deal when its taken per capita. But getting $100B would make India a remittance economy which comes with its own problems of reliance on US economy, being tied to the dollars fate etc. Indian companies should focus on developing and profiting off domestic market...this would employ more Indians in a way that prevents runaway iniquity unlike a situation where a few rich earning in dollars. The Rupee has to be strengthened...only then can the poor survive.

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