You are here: Home » International » News » Economy
Business Standard

As India reaps benefits of cheap oil, Gulf remittances take a toll

Low oil prices take a hit on Gulf's economy, forcing it to retrench Indian workforce, which have hit remittances

Reuters  |  New Delhi 

Having quit his low-paying job with a contractor in Qatar, electrician Kurian Joseph scrabbles for work each day in his hometown in Kerala, a state that has one of India's highest unemployment rates. He's a casualty of the global oil price collapse. Stories like Joseph's explain why remittances from Indians working abroad slumped 27% in the fiscal year through March to $48 billion — the lowest since the 2008 global financial crisis. Making $250 a month, and faced with a pay cut as construction jobs in Qatar became scarcer, Joseph realised he could no longer ...

This article is no longer available in our repository.

There could be multiple reasons for this.

First Published: Wed, May 25 2016. 08:05 IST