NRIs send over $23 bn, beat IT revenues!
Press Trust of India
Washington, April 16: Indian workers' remittances to the country from abroad
have soared considerably over the years to touch $23 billion in 2004,
according to World Bank statistics.
According the latest Global Development Finance report prepared by the World
Bank, India received $17.4 billion in 2003 from the workers living and
working in other countries.
The latest figures place India much ahead of China and other developing
countries like Mexico and Brazil.
At the exchange rate that prevailed in 2003, the inward remittances amounted
to about Rs 84,000 crore, which was more than double the amount that
government collected as income tax during the financial year.
The actual remittances may be much higher as flows through informal
channels, such as hawala, are not captured in the official statistics but
are believed to be quite large, the report points out.
At the same time the large communities of working and investing Indians in
the GCC generate substantial transfers of wealth to India. According to
incomplete IMF statistics, workers' remittances from the GCC states are
currently at least US$ 18 billion per year. If a complete accounting could
be made, the total would probably exceed US$ 30 billion per year. It would
be a reasonable assumption that Indians account for about a quarter of all
remittances - say US$ 7 billion to 8 billion per year.
---
THIS DAY in history
1961: Exiles invade Cuba at Bay of Pigs
Reports from Cuba say the island has been invaded by counter-revolutionary forces trying to overthrow the country's leader, Fidel Castro.
The only news coming out of Cuba is broadcast by the government-run radio station. All other communications with the island have been cut.
THe first landing is reported to have taken place in the early hours of this morning.
Broadcasts from Cuban government radio appealing for medical help indicate that the raiders have successfully penetrated 25 miles (40km) inland.
They appear to have come ashore on an area of the coast known as the BahÃa de Cochinos, or Bay of Pigs, south-east of the capital, Havana.
There is no indication as to the size of the invasion force, but Dr Castro, in a speech on Cuban government radio, said they are supported by aircraft and warships.
Press Trust of India
Washington, April 16: Indian workers' remittances to the country from abroad
have soared considerably over the years to touch $23 billion in 2004,
according to World Bank statistics.
According the latest Global Development Finance report prepared by the World
Bank, India received $17.4 billion in 2003 from the workers living and
working in other countries.
The latest figures place India much ahead of China and other developing
countries like Mexico and Brazil.
At the exchange rate that prevailed in 2003, the inward remittances amounted
to about Rs 84,000 crore, which was more than double the amount that
government collected as income tax during the financial year.
The actual remittances may be much higher as flows through informal
channels, such as hawala, are not captured in the official statistics but
are believed to be quite large, the report points out.
At the same time the large communities of working and investing Indians in
the GCC generate substantial transfers of wealth to India. According to
incomplete IMF statistics, workers' remittances from the GCC states are
currently at least US$ 18 billion per year. If a complete accounting could
be made, the total would probably exceed US$ 30 billion per year. It would
be a reasonable assumption that Indians account for about a quarter of all
remittances - say US$ 7 billion to 8 billion per year.
---
THIS DAY in history
1961: Exiles invade Cuba at Bay of Pigs
Reports from Cuba say the island has been invaded by counter-revolutionary forces trying to overthrow the country's leader, Fidel Castro.
The only news coming out of Cuba is broadcast by the government-run radio station. All other communications with the island have been cut.
THe first landing is reported to have taken place in the early hours of this morning.
Broadcasts from Cuban government radio appealing for medical help indicate that the raiders have successfully penetrated 25 miles (40km) inland.
They appear to have come ashore on an area of the coast known as the BahÃa de Cochinos, or Bay of Pigs, south-east of the capital, Havana.
There is no indication as to the size of the invasion force, but Dr Castro, in a speech on Cuban government radio, said they are supported by aircraft and warships.
Fidel Castro himself led the counter-attack against the Bay of Pigs landings
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