DIP: 18.02.021/20240901
DOI: 10.25215/2455/0901021
Abstract
India has the number one position as the recipient of foreign remittances, whereas China is the second largest competitor of India in receiving foreign remittances. Kerala (19%), Maharashtra (16.7%), Karnataka (15%) and Tamil Nadu (8%) these states from south India that received 58.7% of foreign remittances, out of 100 cent foreign remittances received by India. These figures are given as per the survey conducted by the RBI in 2013 on eight countries worldwide, such as; the United Arab Emirates, United States, Saudi Arabia, Qatar, Kuwait, Oman, the United Kingdom and Malaysia (around 82% remittance recipient by India). These types of remittances are mainly used in family maintenance (59.2%), savings in the banks (20%), investments in the property market & share market around (8.3%) and the rest 12.5% used for other purposes. In India, it is very popular nowadays, where people go to abroad and settle down in a foreign country for employment purposes, but their family members are left behind in India and that individual remits the money for his family’s survival. This process has a great impact on the rest of the family members. Whereas, transformation in their lifestyles such as food habits, language, dressing sense and customs. Also, improvement in educational standards and social status. In this paper, the researcher focused on the impact of foreign remittances on the Indian Economy and families of NRI residing in India by using secondary data and a literature review. As well as shows the impact of foreign remittances on individual growth and upliftment of the socio-economic status of a migrant family left behind in the origin land of a migrant.
The author(s) appreciates all those who participated in the study and helped to facilitate the research process.
The authors of this article said that they had no potential conflicts of interest when they conducted their research, became authors, and published it.
ISSN 2348-5396
