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40 million strong Indian diaspora remitted $100 billion in 2022 to the country
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“Nearly 75% of the contribution came from 60% of the lower and middle-income segment of the Indian diaspora living in the Middle East and North Africa
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They are remitting the maximum possible amount to their families. But most of them return home empty-handed.”
Highlights/ NRI/ GCC News
Lakshmi Chhaya
The Chairman of the United Arab Emirates-based Pravasi Bandhu Welfare Trust K V Shamsudheen has expressed disappointment with the Union Budget for 203-24 since it “failed to address the concerns of the non-resident Indians (NRIs)”.
He said the 40 million strong Indian diaspora remitted $100 billion in 2022 to the country. “Nearly 75% of the contribution came from 60% of the lower and middle-income segment of the Indian diaspora living in the Middle East and North Africa. They are remitting the maximum possible amount to their families. But most of them return home empty-handed,” he said.
All the NRIs who were waiting for these budget announcements were very disappointed, said Shamsudheen. He also said that the Budget did not mention the sufferings and difficulties of NRIs living outside India
Non-Resident Indians living in the UAE can expect little from Budget 2023. The announcements made may not bring much changes in their personal finance. All the NRIs who were waiting for these budget announcements were very disappointed, said Shamsudheen. He also said that the Budget did not mention the sufferings and difficulties of NRIs living outside India.
To secure their future investment plans, the NRIs had always been asking the Indian government to create a provision. Shamsudheen had earlier suggested that the government could start a systematic investment plan.
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