Churumuri writes about how while NRIs are jeered at as deserters, inflow from NRI remittances is actually much more than from FDI, and is an important driver of India’s growth.
According to the Reserve Bank of India, India is one of the largest receivers of foreign remittances. How much is it anyway? And shall we compare that with the FDI that we are so proud of?
Sure, how does 200% of FDI sound? There is no typo there. The remittances were in the excess of $26.9 billion for 2006-2007. Now contrast $29+ billion with India’s 2006-07 defence budget as the fourth largest military on the planet: $20 billion.
Comments
2 comments. Leave your comment »
Patrix
Jan 29th, 2008 at 10:12 am | #
So much for NRI hating, eh?
Lekhni
Jan 29th, 2008 at 10:48 am | #
I can never understand why people hate NRIs
But then hate has no logic..