From last 6 years our remittance is arround 50 Billion. It means in last 6 years near about 300 billion came to India without any effort fron GOI. ITs a free money to India. Hard working ppl work abroad and send money to Homeland. But out foex did not crossed 300 billion. Its just arround 280 billion. My question is what India is earning? If we remove remitted money then it looks like India is not earning a single penny.
Re: See calculation
by Freemason on Dec 08, 2010 09:53 AM
It is from our forex reserves that we pay for our imports. If you take oil imports alone, we will have a huge deficit from the amount you calculate - that is made up by exports and other sources.
Re: See calculation
by Xavier Chacko on Dec 08, 2010 09:56 AM
You need to learn something called trade balance; the forex spent on imports into India is much higher than the forex earned on exports every month creating an imbalance. Anyway, this is a subject of Economists. Let's not worry too much on this.
that leaves about 120 million people jobless in India. I think it is good for India that some people are going abroad to find jobs and also remitting funds back to their home country. It is true that there is some brain drain but if India is competetive, it will attract brains too! This is already happening. India should be as proud of its overseas diaspora as it is of its in-house citizens. There is nothing wrong with that.
