India largest recipient of global and GCC remittances

India is the largest recipient country in terms of both global and GCC remittances, accounting for roughly 50% of money transferred from the Gulf, an exchange company official has said. According to Sudhir Kumar Shetty, the Chief Operating Officer of the UAE Exchange Centre, the sum remitted during 2010 was estimated to be between USD 25-30 billion.Sudhir Kumar Shetty, the Chief Operating Officer of the UAE Exchange Centre, said money remitted by foreign workers in the UAE rose to USD 10.54 billion in 2010 from USD 9.51 billion in 2009, a clear indication that after a protracted downturn and a slump in job market during 2008 and 2009, the country’s economy had returned to a recovery mode.

Shetty said the uptick in the GCC remittance market in comparison to the global figures reflects the resilience of the region in the wake of increased investments in development projects.

“With the exception of construction-related sectors, UAE’s traditional industries, including trade, hospitality and tourism, have shown robust growth to underpin the migrant job market,” he said. Total expatriate workers’ remittances from the GCC rose to USD 63.75 billion in 2010 from USD 60.03 billion in the previous year, up 6.1% compared to an upturn of 2.44% in worldwide remittances that, according the World Bank, reached USD 325 billion from USD 317.23 billion in 2009,” Shetty was quoted by Khaleej Times as saying.

“Global remittance through our exchange grew 8% to USD 5.84 billion in the first four months, while the GCC and the UAE showed growth rates of 7% and two per cent to reach USD 4.1 billion and USD 2.66 billion, respectively, during the same period,” he added.

The UAE Exchange transfers money through a network of 510 branches across 23 countries and accounted for 64% of total worker remittances from the UAE in 2010.

“There has been a steady growth in the volume of remittances through the UAE Exchange from the UAE, the GCC and globally. In 2010, workers from the UAE remitted USD 6.7 billion through our exchange, up 11% from USD 6 billion recorded in 2009,” Shetty said. Total remittances transacted through the UAE Exchange in the GCC rose to USD 11.04 billion from USD 9.4 billion.

According to the World Bank’s Migration and Remittances Factbook 2011, India continued to be the largest recipient of remittances in 2010, with remittances rising from USD 49.6 billion in 2009 to USD 55 billion in 2010.

Source: The Economic Times

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