Lower overseas remittances from 5 million Gulf workers predicted to hit economy hard
The Indian government has admitted that falling amounts of money sent home by Indian expats is expected to hit the country's economy.
There are an estimated 5 million Indians working ion the Gulf states sending back one fifth of India's total overseas remittances.
A spokesman for the Indian ministry of Overseas Indian Affairs said: “Remittances are a catalyst in India's growth as they make up 3% of the country's GDP. A drop in the figures could act as a drag on the economy.”
Contractors working in the Gulf have bulk-booked planes to fly up to 30,000 workers home next month either on long leave or redeploy them elsewhere in other Gulf nations like Qatar.