India's Overseas Remittances Grow by 18.9 per cent

NEW DELHI, Sept 8 (Bernama) –- Indians working outside the country sent home about US$66.13 billion during the fiscal year ended March 2012, a 18.9 per cent jump from US$55.62 billion in 2010/2011. Overseas remittances from non-resident Indians during the last three years had been on the increase, said Overseas Indian Affairs Minister Vayalar Ravi. In 2010/2011 remittances stood at US$53.64 billion, Vayalar said in a written reply to the Lower House of Parliament. According to a study conducted by the Reserves Bank of India, remittances made by overseas Indians from the Gulf countries accounted for an average of 27 per cent of the total remittance inflows to India during the first half of 2009-10. Besides Middle East, Malaysia is one of the top favourite destinations for Indian job-seekers due to its close proximity and strong bilateral ties. There are about 150,000 legally recruited Indian workers in Malaysia in the skilled and semi-skilled segments mainly in the services sector. Some 10,000 professional expatriates are working in the information technology, manufacturing and banking sectors in the country. -- BERNAMA