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#ModiInUAE: India receives about half of UAE’s remittances making India-UAE relations important

Written By Boneless Research on Tuesday, 18 August 2015 | 18.8.15


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.

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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