The $50 billion question

In recent years, there has been a dramatic growth in financial remittances into India. According to official Reserve Bank of India (RBI) data, remittances have grown enormously: from $2.1 billion (Rs 10,394 crore) in 1990-91 to $53.9 billion (Rs 2.8 lakh crore) in 2009-10. The share of private transfer receipts in India’s GDP rose from 0.7 per cent in 1990-91 to 3.6 per cent in 2009-10. These numbers, however, have been taken at face value and there has been little attempt to look closely at how valid they might really be.

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