The remittance boom is in danger of petering out soon

While the slowdown of capital inflows, especially foreign direct investment ( FDI), into India’s economy has triggered serious concerns of late, there is yet another inflow that surges year after year without raising any worries whatsoever. This pertains to remittances or private transfers from the Indian diaspora that has been estimated at $70 billion in 2012 according to the World Bank. Remittances from Indians, working not only in West Asia but also in developed nations like the US and Europe, are welcome as they have transformed India’s external profile into one of the biggest strengths of the economy.

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