look news india
Millions of Indians are living and working abroad and playing an important role in India’s economic development. Their importance can be gauged from the fact that Indians living abroad have sent a huge amount of 129 billion dollars (about 11 thousand billion rupees) to India this year. This figure is so big that it is more than the combined budget of countries like Pakistan and Bangladesh. Pakistan’s budget is 67 billion dollars while Bangladesh’s budget is 68 billion dollars. It is noteworthy that for the last several years, Indians living abroad have been bringing back the most money back home compared to people from other countries of the world.
The money sent by Indians living abroad is more than double the total money coming from Mexico. For the last five years, Indians have been sending remittances of more than 100 billion dollars every year, in which the year 2020 was an exception, because due to the Corona epidemic that year, India’s remittances were only 83 billion dollars. This year, Mexico is at second place with $68 billion, China at third place with $48 billion, Philippines at fourth place with $40 billion and Pakistan at fifth place with $33 billion. Remittances to India have seen a growth of 5.8 percent this year, compared to 1.2 percent last year.
The figure of remittances received by India has been more than the total foreign investment in India. Foreign direct investment in India stood at $62 billion in the September quarter this year.