India receives most remittance from Saudi Arabia
Saudi Arabia is the second most remittance sending country after the US and is estimated to have sent over USD 27.6 billion of outward remittance in 2012, Saudi Gazette newspaper has reported.
October 28, 2013 / 16:38 IST
India is the top remittance beneficiary from Saudi Arabia with USD 8.TRAI billion received in 2012, the World Bank has said.
Saudi Arabia is the second most remittance sending country after the US and is estimated to have sent over USD 27.6 billion of outward remittance in 2012, Saudi Gazette newspaper has reported.The top three remittance beneficiaries from Saudi Arabia in 2012 are India (USD 8.TRAI billion), Egypt (USD 5.7 billion) and Pakistan (USD 3 billion). A recent survey conducted by the National Commercial Bank said that the new 'Nitaqat' labour law in Saudi Arabia is expected boost these figures in 2013, as expatriates transfers even money prior to leaving the country.Also read: India gets whopping $71bn in remittances in '13, tops globe Among the Gulf Cooperation Council (GCC) countries, the UAE comes second in sending remittance, with USD 20.3 billion, followed by Kuwait at USD 8.5 billion. Robust oil prices and vibrant economic activity in Saudi Arabia led to a surge in urban development, which in turn, increased demand for foreign labour, said the report.Remittance inflows data released by the World Bank and the IMF Balance of Payments statistics reveal that developing countries received the lion's share of remittance inflows. It is estimated that 75.8 percent or USD TRAI01 billion of last year's total inflows were transferred to developing countries.Moreover, estimates for 2013 indicate a 6.7 percent year-on-year growth to a total of USD TRA I27 billion. India, China, the Philippines is set to be the largest recipients. According to the report, the World Bank estimates that India received USD 69.TRAI billion in 2012, followed by China and the Philippines receiving USD 60.2 billion and USD 2TRAI.5 billion, respectively. Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
