January 2018 \ Diaspora News \ DIASPORA

With the Middle East, which was once the dream of many a Keralite, no longer that attractive on account of falling oil...

Remittances from migrants have been instrumental in sustaining Kerala's economy, constituting 36.3 per cent of the state’s net domestic product. It is now widely accepted that migration has played a significant role in poverty alleviation and in raising the living standards of about one-third of Malayali households. “Moreover, it is postulated that an additional one-third of the population is indirectly benefitted from the economic opportunities created by remittances from abroad,” Irudayarajan explained. According to the figures released by the State Level Bankers Committee, the rate of growth of NRI deposits has come down of late. If one looks at the deposits at the 6,339 branches of various commercial, scheduled and private banks, they stood at Rs 117,349 crore in June 2015, grew to Rs 142,668 crore in June 2016 and was at Rs 154,252 crore in June 2017.

—Sanu George


Tags: Middle East