news Sunday, June 07, 2015 - 05:30
It appears that the much ridiculed Malayali from the "Gelf" would probably have the last laugh. Research shows that in the last eight years, remittances of non-resident Malayalis has doubled, and accounts for a sixth of the money sent home by non-resident Indians. According to an IIM Bangalore research paper titled “Remittances in India: Facts and Issues” by Chinmay Tumbe, the total NRI remittance that came from Keralites in the year 2007-08 was Rs 51, 211 crore. This has doubled to Rs 1.1 lakh crore for the year 2014-15, The Times of India on Sunday reported. The TOI report, which has sourced data from the State Level Bankers Committee (SLBC), shows that NRI remittances by Malayalis, which were Rs 93,884 crore at the end of 2013-14, have grown by 17% and total nearly Rs 1.1 lakh crore for the year ending 2015. However, it also seems that the Keralites have lost ground in the past decade. Quoting RBI data, the IIM-B research paper shows total remittance flow in the past year has been close to Rs 7 lakh crore and people from the coastal state account for close to 16% of that figure. However, this share was 29.4% in in 2007-08. Data from the Reserve Bank of India (RBI) shows that there is a total of Rs 7 lakh crore in NRI bank accounts. Keralites would thus account for close to 1/6th of the total figure. According to the World Bank, India has the largest share in remittance flows of all countries and a total of Rs 4.2 lakh crore came in through this channel in 2014. A survey by the Kerala government shows that the money from remittances benefited close to 50 lakh people of state’s population of 3.15 crore. Government data shows that close to 5.73 lakh Keralites reside in the UAE and close to 4.50 lakh in Saudi Arabia. The US has more than 78,000 Malayalis and Europe roughly 53,000.
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