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Economy may witness more pain as workers return and remittances fall

Getting back to their jobs abroad is uncertain for most workers now. This is particularly true for the Gulf region, from where over 60 per cent of India's remittances flow in

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The migration back to rural areas from urban has hit this to a great extent and the impact could be far reaching.

5 min read Last Updated : Jul 28 2020 | 4:03 PM IST

India posted a minor current account surplus in the fourth quarter of fiscal 2019-20, thanks to lower imports, but also aided by a perk up in remittances by Indians abroad.

Private transfer receipts, mainly representing remittances by Indians employed overseas, increased to $20.6 billion for the fourth quarter ended March 31, up by 14.8 per cent from their level a year ago.

But in a Coronavirus-stricken world, most of these workers have come back, while returning to their jobs is uncertain for now. This is particularly true for the Gulf region, from where more than 60 per cent of India’s remittances flow

Topics : Remittances Crude Oil Price

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