Rajya Sabha
The remittances from Overseas Indians for the year 2007 was estimated at US $27 billion. These are in the nature of private funds transferred by individuals for various purposes including to meet consumption expenditure of their families back home. The Minister of Overseas Indian Affairs,shri Vayalar Ravi said this in the Rajya Sabha today. The data in this respect is maintained by the Reserve Bank of India.
He said, India is the highest recipient of remittances from abroad. About 40% of this is the estimated remittances received from overseas Indian workers including from semi-skilled and unskilled workers in the gulf.
Akshay rout/vk
(Release ID :44121)