Technoglitch
Core Member
Remittances from the Gulf nations to India declined for the first time in six years due to sliding oil prices, according to a Crisil report.
It fell by 2.2 per cent in 2015-16 but the slide had also resulted in a contraction of oil imports, which offset the drop.
“Falling oil prices have had a sweeping impact on the oil producing economies of GCC (Gulf Cooperation Council), severely denting their oil revenues and spending by both governments and households,” according to the report.
“This has had a negative impact on remittances from the region, which declined for the first time in six years, falling 2.2 per cent.” More than half of India’s remittance income comes from the GCC. Remittances to India from the GCC amounted to $35.9 billion in 2015-16 down from the $36.7 billion seen in the previous year.
Gulf remittances fall 2.2%, offset by slide in oil imports - BUSINESS - The Hindu
It fell by 2.2 per cent in 2015-16 but the slide had also resulted in a contraction of oil imports, which offset the drop.
“Falling oil prices have had a sweeping impact on the oil producing economies of GCC (Gulf Cooperation Council), severely denting their oil revenues and spending by both governments and households,” according to the report.
“This has had a negative impact on remittances from the region, which declined for the first time in six years, falling 2.2 per cent.” More than half of India’s remittance income comes from the GCC. Remittances to India from the GCC amounted to $35.9 billion in 2015-16 down from the $36.7 billion seen in the previous year.
Gulf remittances fall 2.2%, offset by slide in oil imports - BUSINESS - The Hindu
