Gulf Remittance to India Market Outlook: Ken Research REQUEST FOR SAMPLE REPORT Request For sample Report × Report Title Name Email Designation Phone No Comapny Name Comapny URL Country -- Please Select Your Country -- Afganistan Africa Albania Algeria Andorra Angola Anguilla Antigua and Barbuda Argentina Armenia Aruba Asia Australasia Australia Austria Azerbaijan Bahamas Bahrain Bangladesh Barbados Belarus Belgium Belize Benin Bermuda Bhutan Bolivia Bonaire Bosnia Herzegovina Botswana Brazil BRICS British Virgin Islands Brunei Darussalam Bulgaria Burkina Faso Cambodia Cameroon Canada Cape Verde Cayman Islands Central African Republic Central and South America Chad Chile China Colombia Comoros Congo Costa Rica Cote d'Ivoire Croatia Cuba Curacao Cyprus Czech Republic Denmark Djibouti Dominica Dominican Republic Ecuador Egypt El Salvador Equatorial Guinea Eritrea Estonia Ethiopia Europe European Union Falkland Islands Faroe Islands Fiji Finland France French Guiana French Polynesia Gabon Gambia Georgia Germany Ghana Gibraltar Global Great Britain Greece Greenland Grenada Guadeloupe Guam Guatemala Guerney & Alderney Guinea Guinea-Bissau Guyana Haiti Honduras Hong Kong Hungary Iceland India Indonesia Iran Iraq Ireland Isle of Man Israel Italy Ivory Coast Jamaica Japan Jersey Jordan Kazakhstan Kenya Kiribati Kosovo Kuwait Kyrgyzstan Laos Latvia Lebanon Lesotho Liberia Libyan Arab Jamahiriya Liechtenstein Lithuania Luxembourg Macao Macau Macedonia Madagascar Malawi Malaysia Maldives Mali Malta Man (Island of) Marshall Islands Martinique Mauritania Mauritius Mayotte Mexico Micronesia Middle East Minnesota Moldova Monaco Mongolia Monserrat Montenegro Morocco Morroco Mozambique Myanmar Namibia Nepal Netherlands New Caledonia New Zealand Nicaragua Niger Nigeria Niue North America North Korea Norway Oman Pakistan Palau Palestine Panama Papua New Guinea Paraguay Peru Philippines Poland Portugal Puerto Rico Qatar Reunion Romania Russia Rwanda Saint Helena Saint Lucia Saint Martin Saint Pierre and Miquelon Saint Vincent and the Grenadines Samoa Samoa (American) San Marino Sao Tome and Principe Saudi Arabia Scandinavia Senegal Serbia Seychelles Sierra Leone Singapore Sint Maarten Slovakia Slovenia Solomon (Islands) Somalia South Africa South Korea South Sudan Spain Sri Lanka Sudan Suriname Svalbard and Jan Mayen Islands Swaziland Sweden Switzerland Syria Taiwan Tajikistan Tanzania Thailand Timor Leste Togo Tonga Trinidad and Tobago Tunisia Turkey Turkmenistan Turks and Caicos Islands Uganda Ukraine United Arab Emirates United Kingdom United States Uruguay Uzbekistan Vanuatu Vatican City Venezuela Vietnam Virgin Islands Western Sahara Yemen Zambia Zimbabwe Requirement Submit Buy Now India’s immense population is in a way benefitting the country. This statement, though debatable, has been backed by the remittance sector of the country. Market Research Reports for remittance crown India as the 2017 leading recipient of international personal remittances claiming nearly 11% of global inflows. Despite its large contribution of more than 55% to India’s total remittance, remittance from the Middle East has recently witnessed a major fall of more than 9%. This fall has been attributed to the decrease in the average annual income per Indian migrant across the region. The Middle East accommodates the highest number of Indian migrants around the world who account for nearly 20% of the total global migrants in the Middle East and almost 55% of the total Indian migrants globally. Despite this it was revealed that more than 40% of the migrants in the Middle East were unskilled labor. Indians occupy various positions with nearly 10% working as trained professionals but the majorities (around 75%-80%) however, work as laborers and technicians in construction companies. The Gulf may appear as a haven for employment but this does not mean it is immune to economic disturbances. Remittance Industry Research Reports attribute the fall in remittance to the ongoing economic downturn in the Gulf due to fall in crude oil prices, internal political disturbances , the extra burden of taxes on expats, like the family dependent tax in Saudi Arabia and the growing inclination to recruit locals. Further Indian workers in the region have reported violations of contractual terms, adverse working conditions, poor wages and problems related to medical insurance and compensation claims. As a result many Indian workers have shown an interest in returning home and more than 3,000 had requested repatriation from Indian authorities in 2017 with most of them being from Saudi Arabia. Indian policies towards the migrants heading to the Gulf are also a cause for the decline, like the introduction of a tax on conversion of remittances, extra regularization of foreign recruiting markets and the recent color coding of ECR passports. Since ECR status was included on a separate page, India’s government intended to remove this page by coloring the passport jacket orange to identify ECR emigrants. This could create a sense of inferiority among the ECR passport holders due to their poor economic and educational status and further decrease labor flow. After public anger this policy has now been abandoned. The effects of such unfavorable factors are visible as material trade and labor between India and Arabia has declined. Consequently NRI remittances to India from the GCC (Gulf Cooperation Council) countries have decreased alarmingly. A decline of remittance inflows creates a major cause for concern due to adverse impact on India’s balance of payment and on the domestic employment adjustment. The government must take remedial measures to curb such decline and to prevent the discriminatory behavior against ECR migrants. Remittance is a major component in terms of contribution to GDP, especially for developing nations like India where domestic resources and national production are insufficient to provide full employment for the existing labor supply. Also while India’s remittance inflows are similar to China’s the share of remittances as a percentage of GDP is higher in India which reflects a higher dependency of India’s domestic economy on foreign remittances. Also, the average wage in India is lower than that of the Gulf and since it is a major source for India’s remittance inflow, a decline in earnings in the region could adversely affect India’s employment and balance of payment. For more information, click on the link below: https://www.kenresearch.com/tag/banking-financial-services-and-insurance/remittance/177.html Contact Us: Ken Research Ankur Gupta, Head Marketing & Communications sales@kenresearch.com 0124-4230204 Post Views: 5 Tags: Market Research Reports for Remittance, Remittance Business Review, Remittance Industry Analysis, Remittance Industry Research and Market Reports, Remittance Industry Research Report, Remittance Market Research Reports, Remittance Market Research Reports Consulting