alexa Migration and Remittance: A Boon for Indian Economy
ISSN: 2162-6359

International Journal of Economics & Management Sciences
Open Access

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Review Article

Migration and Remittance: A Boon for Indian Economy

Mohammad Saif Ahmad*

Western Institute of Technology, Melbourne, Australia

*Corresponding Author:
Mohammad Saif Ahmad
Trainer and Assessor
Western Institute of Technology
Melbourne, Australia
Tel: +61 3 9017 5033
E-mail: [email protected]

Received Date: July 23, 2014; Accepted Date: August 01, 2014; Published Date: August 07, 2014

Citation: Mohammad Saif Ahmad (2014) Migration and Remittance: A Boon for Indian Economy. Int J Econ and Manage 3: 170. doi: 10.4172/2162-6359.1000170

Copyright: © 2014 Mohammad Saif Ahmad. This is an open-access article distributed under the terms of the Creative Commons Attribution License, which permits unrestricted use, distribution, and reproduction in any medium, provided the original author and source are credited

 

Abstract

As an external source of financing Indian migrants” remittances have been playing very important role in India’s macro and micro economic development. It has been higher than the foreign direct investment as well as foreign portfolio investment. It is also more than three times than the official development aid. In 2013, remittances to amounted to 70 billion US$, the highest in the world. Throughout the 1990s, they offset country’s merchandise deficit to a large extent and also presently amounts to nearly 4 percent of the Indian Gross Domestic Product. The remittance figures would get larger if you also consider the large amounts of ‘hawala’ transactions that are illegal. The paper deals with the emerging trends with respect to remittance inflows and other major issues related thereto.

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