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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 ...

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