New Delhi, Jan 13 It’s not the foreign stock market investors alone pumping in billions of dollars into India —the total remittance from persons of India origin living abroad coming into the country is expected to be a whopping $ 40 billion in the current fiscal ending in March.This would represent a four-fold surge from just about $ 10 billion in the fiscal year 1997-98.
According to data compiled by research and analytics firm Evalueserve, remittance from PIOs has been steadily rising in the last ten years, primarily due to liberalisation of the country’s Economy. The figure stood at $ 10 billion in 1997-98 and rose to about $ 27 billion in fiscal year 2006-07, ended in March 2007. [Read more]
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