Two day visit by India’s Prime
Minister Narendra Modi to UAE holds lot of significance for India-UAE
relations. First visit in last 34 years by an Indian Prime Minister, helped
to strengthen both political and economic bonds between both nations.
For India with population of 1.25
billion, countries like UAE becomes vital as large number of jobseekers
migrates to these nations. These expats help Indian economy by sending
remittances back home. In 2014, India received $70.4bn remittance from non-resident population living across foreign
countries in the world. India is the largest recipient of remittances globally ahead of
China ($64.1bn).
During 2014, inward remittances stood at 3.7% of India’s GDP indicating their importance for the economy. Remittances not only provide much needed “Foreign Exchange” but they provide “Liquidity” due to consistent and periodic receipts.
For India’s remittance market, UAE is the most important country as it the largest remitter to India with $12.64bn in 2014 more than the US with $11.18bn. During 2014, UAE’s outward remittances stood at $29.25bn which is 3rd largest in the world behind the US ($131bn) and Saudi Arabia ($45bn). Out of UAE’s total outward remittances, India contributes 43% share making India-UAE relations even more significant.
During 2014, inward remittances stood at 3.7% of India’s GDP indicating their importance for the economy. Remittances not only provide much needed “Foreign Exchange” but they provide “Liquidity” due to consistent and periodic receipts.
For India’s remittance market, UAE is the most important country as it the largest remitter to India with $12.64bn in 2014 more than the US with $11.18bn. During 2014, UAE’s outward remittances stood at $29.25bn which is 3rd largest in the world behind the US ($131bn) and Saudi Arabia ($45bn). Out of UAE’s total outward remittances, India contributes 43% share making India-UAE relations even more significant.
Currently, about 2.65 million Indian expats are living in UAE which is approximately 27% of country’s total population (about 9.6 million). Out of about 28 million India’s population living abroad across globe, UAE with 2.65 million (9.5%) holds significant place.
Stronger India-UAE relations are
beneficial for both nations in long run as India provides skilled and semi-skilled
workforce across industries to UAE. While UAE being one of largest employer of
Indian labor, provide considerable boost for the economy. The partnership between
India’s workforce, creativity and skills with UAE’s vision, infrastructure and resources
posed ideal example for the world.
#India #UAE #Remittance #Migrant
#GDP #NarendraModi #NaMo #Dubai
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