India gets largest remittances from Diaspora
-Dr. Abdul Ruff
Economies of many developing country surge due mainly to the regular and even enhanced remittances of their Diasporas from abroad, besides bilateral and multilateral trade profits.
The rise of Indian economic development was mainly due to its foreign Diasporas in many developed and developing nations, especially the energy rich Arab nations that employ foreign citizens, both developed and developing, in their establishments.
Although Arab world is trying to use their own citizens with trained skills, experts say Arab nations require foreign workers and employees to work for some more time until Arabs are technically, in qualifications and skills, ready to take over.
Rising crime level of foreign workers have become a serious problem for the Arab governments to deal with and stabilize the normalcy in the region which is also suffering from US-Russia led terror wars on fictitious pretexts. The super powers are trying to establish their military superiority in Mideast by targeting Muslims. .
According to the World Bank statistics India became the largest remittances receiving country at $72 billion this year followed by China at $ 64 billion. And the USA emerged as the largest remittance source country with an estimated $56 billion in outward flows in 2014.
The World Bank report. said India was the largest remittance receiving country, with an estimated $72 billion in 2015, followed by China ($64 billion), and the Philippines ($30 billion),”
In outward flow, the US was followed by Saudi Arabia ($37 billion), and Russia ($33 billion) in 2014, the Bank said in the report. Noting that the number of international migrants is expected to surpass 250 million this year, an all-time high, as people search for economic opportunity, the Migration and Remittances Fact book 2016 said the fast growing developing countries have increasingly become a strong magnet for people from other parts of the developing world.
Globally the international migrants send $601 billion to their families in their home countries this year, with developing countries receiving $441 billion, the report produced by the World Bank Group’s Global Knowledge Partnership on Migration and Development (KNOMAD) initiative said. “At more than three times the size of development aid, international migrants’ remittances provide a lifeline for millions of households in developing countries. In addition, migrants hold more than $500 billion in annual savings,” it said. Together, remittances and migrant savings offer a substantial source of financing for development projects that can improve lives and livelihoods in developing countries,” said the Factbook.
The top 10 migrant destination countries are the USA, Saudi Arabia, Germany, Russia, the UAE, UK, France, Canada, Spain and Australia. The top 10 migrant source countries are India, Mexico, Russia, China, Bangladesh, Pakistan, the Philippines, Afghanistan, Ukraine, and UK.
Mexico-US was the largest migration corridor in the world, accounting for 13 million migrants in 2013. Russia-Ukraine was the second largest, followed by Bangladesh-India, and Ukraine-Russia.
There is ample research to demonstrate that migration, both of highly-skilled and low skilled workers, generates numerous benefits for receiving and sending countries. The Diaspora of developing countries and return migration can be a source of capital, trade, investment, knowledge, and technology transfers, according to the Factbook.
New Delhi strategists are satisfied with the continuous inflow of foreign remittances, especially from Muslims working in Arab word – most of eligible Muslims are employed by Arab world – making Indian economically strong to bribe foreign lobbyists to support Indian occupational foreign policy (Kashmir). However, instead of being grateful to Indian Muslims, Indian regime, advancing Hindutva objectives, undertakes steps to harm, disarm Muslims and defame Islam.
Arab nations, like the UN and USA, do not have objections to the state ill-treatment meted out for Indian Muslims who are mainly responsible for the rising Indian economy.
Arab oil merchants still do not ask India to keep its pledge given to the world to rebuild the historic Babri mosque at the place where it stood as part of Indian culture before it was destroyed by Hindu criminals with state baking.
It is no surprise that Indian premier Narendra Modi keeps touring the world nations essentially to woo the somewhat Indian Diasporas to send on more and more regular remittances to India to make it shine.