Over the years, Gulf nations have been one of the biggest sources of remittances pouring into India. However, this changed during the first pandemic year of 2020-21, shows fresh data released by the RBI last week.
Remittances from the region dropped sharply, while those from the US and the UK gained Over the years, Gulf nations have been one of the biggest sources of remittances pouring into India.
However, this changed during the first pandemic year of 2020-21, shows fresh data released by the Reserve Bank of India (RBI) last week.
Remittances from the region dropped sharply, while those from the US and the UK gained. This reflects slower migration and the presence of Indian diaspora in informal sectors which were hit the most during the pandemic, said RBI officials Soumyasree Tewari and Ranjeeta Mishra in an article accompanying the data.